Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded a broadly negative performance in the week ended April 24, 2026, with the SIAML Pension ETF 40 leading the losers after plunging 40.29% to N7,343.15, as all tracked ETFs closed in the red.
Data compiled by Nairametrics Research from NGX trading activity shows that while total trading volume increased week-on-week, the total value of transactions declined, indicating reduced participation in higher-value trades despite increased activity.
The negative performance was widespread across all ETFs, with no fund recording gains during the period.
The sharp declines seen in major ETFs such as Meristem Growth ETF and Lotus Halal Equity ETF highlight the weak market sentiment and sustained sell pressure.
ETF price movements on the NGX may not fully reflect underlying asset values, as relatively thin liquidity can cause significant deviations from net asset value (NAV). Consequently, sharp price swings are often influenced more by trading activity than by changes in the fundamentals of the underlying assets.
What the data is saying
ETF performance during the week was marked by steep losses across all funds, with several ETFs reversing gains recorded in the previous week.
- The SIAML Pension ETF 40 recorded the steepest decline, falling 40.29% to close at N7,343.15, down from N12,299. Its market capitalization dropped significantly to N47.36 billion from N79.33 billion, driven by a price decrease.
- Similarly, the Meristem Growth ETF declined by 40.00% to close at N135, with its market capitalization falling to N1.81 billion from N3.02 billion.
- The Lotus Halal Equity ETF also posted a notable loss of 21.66%, closing at N155, as its market capitalization decreased by 27.61% to N5.18 billion from N6.61 billion.
- The Vetiva S&P Nigeria Sovereign Bond ETF fell by 17.99% to N269, while the Vetiva Industrial ETF dropped 13.33% to close at N130.
- Other declines included the Greenwich Alpha ETF, down 6.27% to N1,134.10, and the Stanbic IBTC ETF 30, which fell 5.29% to N3,900. The Vetiva Consumer Goods ETF lost 5.11% to close at N52, while the Vetiva Griffin 30 ETF declined by 2.16% to N90.01.
- The Meristem Value ETF recorded a mild drop of 0.42% to close at N130.05, while the Vetiva Banking ETF and NewGold ETF posted marginal losses of 0.18% and 0.11%, respectively.
More insights
ETF trading activity showed mixed liquidity trends during the week. Total volume traded rose to 7.76 million units, up from 6.74 million units recorded in the previous week. However, the total value of transactions declined to N916.11 million from N1.06 billion, reflecting weaker participation in high-value trades.
- The SIAML Pension ETF 40 traded just 6,193 units during the week, the lowest of any ETF tracked and a fraction of the market’s total 7.76 million units. At that volume, a small number of transactions can move the price dramatically, meaning the decline is more likely a reflection of illiquidity than a fundamental reassessment of the underlying assets.
- The Stanbic IBTC ETF 30 recorded the highest trading value at N180.79 million, despite its negative price performance.
- The Vetiva Banking ETF followed, with N98.01 million in traded value, while the NewGold ETF recorded N92.90 million.
- In terms of volume, the Vetiva Banking ETF led with 3.68 million units traded. The Vetiva Consumer Goods ETF followed with 1.52 million units, while the Vetiva Griffin 30 ETF recorded 839,621 units.
What you should know
A previous report by Nairametrics highlighted that ETFs on the Nigerian Exchange had recorded a mixed performance in the previous week (ended April 17, 2026), providing context for the sharp downturn observed in the latest period.
- The SIAML Pension ETF 40 led the market with a strong 18.83% gain to N12,299, while the NewGold ETF and Lotus Halal Equity ETF also posted notable gains, highlighting pockets of strength despite broader market weakness.
- Market performance during the period was mixed, as several ETFs, including the Meristem Value ETF, Vetiva Consumer Goods ETF, and Greenwich Alpha ETF, recorded significant losses, reflecting a divergence in investor sentiment.
- Liquidity trends showed relatively stable trading volume at 6.74 million units, but transaction value declined to N1.06 billion, indicating weaker participation in high-value trades and a more cautious approach by investors.
