Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded strong gains in March 2026, with SIAML Pension ETF gaining by 185% MtD.
Most funds posted significant month-to-date (MtD) increases, reflecting renewed investor interest across the market.
Data compiled by Nairametrics Research from NGX trading activity shows widespread price appreciation across ETFs during the month, indicating improved market performance compared to February levels.
The rally was led by the SIAML Pension ETF 40, NewGold ETF, and Stanbic IBTC ETF 30; all of which recorded triple-digit gains, while only a few ETFs ended the month in negative territory.
What the data is saying
ETF performance in March showed strong upward momentum, with several funds delivering exceptional returns.
- The SIAML Pension ETF 40 recorded the highest gain, rising 184.56% to close at N14,270.58 from N5,014.96. Its market capitalization also surged to N92.04 billion from N32.35 billion, marking the strongest performance among listed ETFs.
- The NewGold ETF followed closely, gaining 179.28% to close at N186,000.25, with market capitalization increasing significantly to N9.93 billion from N3.56 billion.
- Similarly, the Stanbic IBTC ETF 30 rose 155.57% to close at N5,000, while its market capitalization climbed to N28.56 billion from N11.18 billion.
- The Greenwich Alpha ETF also posted a strong gain of 115%, closing at N1,290, with market capitalization rising to N7.41 billion.
Moderate gains were recorded by the Vetiva Industrial ETF and Vetiva Griffin 30 ETF, which increased by 29.28% and 28.71% respectively, indicating steady growth among mid-performing funds.
On the downside, a few ETFs recorded losses during the month, suggesting there might be portfolio adjustments and profit-taking by investors.
- The Vetiva Banking ETF remained largely flat, declining marginally by 0.06%. The Lotus Halal Equity ETF dipped by 1.45% to close at N143.
- More pronounced declines were seen in the Vetiva Consumer Goods ETF, which fell 14.63%, and the Vetiva S&P Nigeria Sovereign Bond ETF, which dropped 18.50%.
- The biggest losses were recorded by the Meristem Growth ETF and Meristem Value ETF, which declined by 48.46% and 54.72% respectively, reflecting sustained weakness and continued sell-offs in these funds.
What this means
The strong performance of ETFs in March highlights a significant rebound in market activity, with several funds posting substantial gains driven by price momentum and improved market sentiment.
- However, the magnitude of gains, particularly among top-performing ETFs, suggests that price movements may be influenced by liquidity conditions rather than purely underlying fundamentals.
- The widespread gains across multiple ETFs indicate improving sentiment, although the sharp declines in some funds point to ongoing portfolio rebalancing and profit-taking activities.
- Overall, while market sentiment appears positive, ETF prices remain sensitive to changes in demand and trading activity.
What you should know
A previous article by Nairametrics revealed that ETF performance in February was largely negative, with most funds recording declines on the Nigerian Exchange.
- Data showed that most ETFs posted losses ranging from 7% to as high as 48%, reflecting sustained market pressure and weak investor sentiment across diversified funds.
- Major ETFs such as the SIAML Pension ETF 40, Stanbic IBTC ETF 30, and Meristem Growth ETF recorded sharp declines, highlighting the impact of broader market weakness on index-based products.
- However, a few sector-focused ETFs bucked the trend in February. The Vetiva Banking ETF and Vetiva Consumer Goods ETF posted gains of over 15%, while the Lotus Halal Equity ETF also recorded moderate growth, indicating a shift in investor preference toward more resilient sectors.
