Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded a mixed performance in the week ended April 17, 2026, with the SIAML Pension ETF advancing 18.83% to N12,299, despite several other funds facing declines.
Data compiled by Nairametrics Research from NGX trading activity indicates that while the total volume of trades remained largely stable, the total transaction value declined week-on-week, reflecting weaker investor participation compared to the prior week.
The positive performance was driven primarily by the SIAML Pension ETF 40, NewGold ETF, and Lotus Halal Equity ETF. However, a number of ETFs saw notable losses during the period, signalling a divergence in market performance.
ETF price movements on the NGX may not fully reflect underlying asset values, as thin liquidity can lead to significant deviations from net asset value (NAV). As a result, sharp gains or losses are often largely influenced by trading activity rather than changes in the fundamentals of the underlying assets.
What the data is saying
ETF performance during the week was marked by strong gains in a few funds, with select ETFs rebounding after the previous week’s declines.
- The SIAML Pension ETF 40 emerged as the leading gainer, rising 18.83% to close at N12,299, up from N10,350. Its market capitalization increased to N79.33 billion from N66.75 billion.
- NewGold ETF followed with a 14.06% gain, closing at N175,200, with its market capitalization rising to N9.36 billion from N8.20 billion.
- Similarly, the Lotus Halal Equity ETF appreciated by 5.24% to close at N197.85, with market capitalization increasing to N6.61 billion.
On the downside, several ETFs recorded significant losses.
- The Meristem Value ETF posted the steepest decline, falling 20.85% to close at N130.60, down from N165, with market capitalization shrinking to N1.74 billion from N2.20 billion.
- The Vetiva Consumer Goods ETF lost 16.20%, closing at N54.80, while the Greenwich Alpha ETF declined 15.27% to N1,210.
- The Vetiva S&P Nigeria Sovereign Bond ETF also faced a loss of 13.68%, closing at N328, while the Meristem Growth ETF fell 10.36% to N225.
Additional losses were seen in the Vetiva Industrial ETF, down 9.09%, and the Vetiva Banking ETF, which declined by 5.85%. The Vetiva Griffin 30 ETF and Stanbic IBTC ETF 30 also recorded slight losses of 3.17% and 1.42%, respectively.
Liquidity trendsÂ
ETF trading activity showed mixed results during the week. The total volume traded stood at 6.737 million units, a slight increase from the previous week’s 6.736 million units.
However, the total value of transactions declined to N1.06 billion from N1.10 billion, signaling weaker participation in high-value trades.
- The Stanbic IBTC ETF 30 recorded the highest trading value at N234.02 million, despite its negative price performance.
- The SIAML Pension ETF 40 was the second highest by value traded, with N107.91 million, while the NewGold ETF registered N96.12 million in transactions.
- In terms of volume, the Vetiva Banking ETF led the market with 2.51 million units traded. The Vetiva Consumer Goods ETF followed with 1.69 million units, while the Vetiva Griffin 30 ETF recorded 828,660 units.
What this means
The performance of ETFs during the week suggests a price rebound, particularly after the steep declines observed in the prior week.
- The widespread losses in several ETFs indicate that market sentiment remains mixed, with continued pressure on funds that had performed well in the previous period.
- The decrease in transaction value, despite the stable trading volume, suggests that investors are focusing more on smaller ticket ETF rotation, rather than pursuing larger trades. This reflects a cautious market outlook, with reduced participation in high-value trades.
Overall, while select funds have shown recovery, the market sentiment remains divided, indicating a complex and somewhat unstable market environment.
What you should knowÂ
A previous report by Nairametrics highlighted that ETFs on the Nigerian Exchange recorded mixed performance in the week ended April 10, 2026, with several funds experiencing declines.
- The SIAML Pension ETF 40, which had been a top performer in previous weeks, saw a sharp 26.17% drop in the week ended April 10, 2026, closing at N10,350 from N14,019.30, reflecting a significant slowdown after its earlier rally.
- Both the Meristem Value ETF and Meristem Growth ETF recorded substantial declines of 21.43% and 16.61%, respectively.
- The Lotus Halal Equity ETF emerged as the top gainer during the week, rising 18.99% to N188, highlighting investor preference for specific funds amidst broader market weakness.
- Both the total volume and transaction value for ETFs declined week-on-week, suggesting weaker market participation, especially in high-value trades.
