Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded mixed performance in the week ended April 10, 2026, as SIAML Pension ETF dropped 26% to N10,350, with most funds closing lower compared to the previous week.
Data compiled by Nairametrics Research from the NGX trading activity shows that both the number of units traded and the total value of transactions declined week-on-week, indicating weaker investor participation relative to the prior week.
The declines were led by the SIAML Pension ETF 40, Meristem Value ETF, and Meristem Growth ETF, all of which had significant losses, while only a handful of ETFs posted gains.
ETF price movements on the Nigerian Exchange continue to reflect liquidity conditions, where changes in trading activity can drive sharp price swings and shifts in market value.
The mixed performance suggests a slowdown in market momentum, following the relatively stronger activity recorded in the previous week.
What the data is saying
ETF performance during the week reflects downward pressure across most funds, particularly among previously strong performers.
- The SIAML Pension ETF 40 had the steepest decline, falling 26.17% to close at N10,350 from N14,019.30. Its market capitalization also dropped sharply to N66.75 billion from N90.42 billion.
- The Meristem Value ETF followed, declining 21.43% to close at N165 from N210, with market capitalization falling to N2.20 billion from N2.80 billion.
- Similarly, the Meristem Growth ETF dropped 16.61% to close at N251 from N301, while its market capitalization declined to N3.36 billion from N4.03 billion.
- The NewGold ETF also reported a notable loss of 9.71%, closing at N153,598.99, with market capitalization decreasing to N8.20 billion.
- The Vetiva Industrial ETF declined by 7.67%, while the Greenwich Alpha ETF fell 4.67% to close at N1,427.99.
On the upside, a few ETFs recorded gains during the week.
- The Lotus Halal Equity ETF emerged as the top gainer, rising 18.99% to close at N188 from N157.99, with market capitalization increasing to N6.28 billion from N5.28 billion.
- The Vetiva S&P Nigeria Sovereign Bond ETF gained 10.14% to close at N380, while the Vetiva Consumer Goods ETF rose 4.21% to N65.39.
- The Stanbic IBTC ETF 30 made a modest gain of 3.14%, while the Vetiva Griffin 30 ETF remained largely flat, edging up 0.01%.
Liquidity trends
ETF trading activity declined during the week, with total volume falling to 6.74 million units from 8.39 million units in the previous week.
- Total transaction value also decreased to N1.10 billion from N1.85 billion, indicating reduced participation, particularly in high-value trades.
- The Stanbic IBTC ETF 30 had the highest trading value at N203.51 million, despite its relatively modest price gain.
- This was followed by the Greenwich Alpha ETF with N122.60 million, while the NewGold ETF recorded N106.82 million in transactions.
In terms of trading volume, the Vetiva Banking ETF led the market with 3.05 million units traded. The Vetiva Consumer Goods ETF followed with 1.37 million units, while the Vetiva Griffin 30 ETF had 786,271 units traded.
What this means
The mixed performance across ETFs suggests a price correction after the previous spike and price deviation from the underlying asset values.
- The sharp declines in funds such as the SIAML Pension ETF 40 and Meristem ETFs indicate that price movements remain highly sensitive to liquidity conditions, especially in less actively traded instruments.
- The drop in both trading volume and value points to weaker market participation, reinforcing a softer sentiment compared to the previous week.
- However, the gains recorded in select ETFs, particularly the Lotus Halal Equity ETF and fixed income-linked funds, suggest price correction.
Overall, market sentiment appears mixed, with reduced momentum and price correction.
What you should know
A previous article by Nairametrics showed that Exchange Traded Funds (ETFs) on the Nigerian Exchange recorded strong gains in March 2026, with widespread price appreciation across most funds.
- During the period, the rally was led by the SIAML Pension ETF 40, NewGold ETF, and Stanbic IBTC ETF 30, all of which posted triple-digit month-to-date gains, driven by price changes and improved market performance compared to February levels.
- The SIAML Pension ETF 40 had the highest gain, rising 184.56% to close at N14,270.58 from N5,014.96, with market capitalization increasing significantly to N92.04 billion.
- Similarly, the NewGold ETF gained 179.28% to close at N186,000.25, while the Stanbic IBTC ETF 30 rose 155.57% to N5,000, supported by strong growth in market capitalization.
- Other funds, including the Greenwich Alpha ETF, also made notable gains, while mid-tier performers such as the Vetiva Industrial ETF and Vetiva Griffin 30 ETF posted moderate increases.
