Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded a broadly negative performance in April 2026, with the Meristem Growth ETF leading the losers after plunging 59.29% to N136.40, as eleven of the twelve tracked ETFs closed the month in the red.
The Vetiva Griffin 30 ETF was the sole gainer, posting a modest 3.24% increase to close at N97.
Data compiled by Nairametrics Research from NGX trading activity shows that total trading volume for the month reached 26.90 million units, with total transaction value amounting to N3.71 billion across all tracked funds.
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 sayingÂ
ETF performance in April was marked by steep losses across nearly all funds, with double-digit declines recorded by ten of the twelve tracked ETFs, and two funds shedding more than half their value during the month.
- The Meristem Growth ETF recorded the steepest decline, falling 59.29% to close at N136.40 from N335.02 at the end of March. Its market capitalization dropped to N1.83 billion from N4.49 billion, a loss of N2.66 billion in market value over the month.
- The SIAML Pension ETF 40 was close behind, plunging 58.74% to N5,888.48 from N14,270.58, with its market capitalization collapsing to N37.98 billion from N92.04 billion, a reduction of over N54 billion.
- The Meristem Value ETF declined 41.77% to N139.76 from N240, with market capitalization falling to N1.86 billion from N3.20 billion.
- The Vetiva Banking ETF dropped 23.00% to close at N24 from N31.17, as its market capitalization declined to N1.53 billion from N1.99 billion.
- The Stanbic IBTC ETF 30 fell 21.00% to N3,950 from N5,000, with market capitalization declining to N22.56 billion from N28.56 billion.
- The Vetiva S&P Nigeria Sovereign Bond ETF dropped 20.24% to N260 from N325.99, with market capitalization falling to N915.29 million from N1.15 billion.
- The NewGold ETF declined 19.89% to N149,000 from N186,000.25, as market capitalization fell to N7.96 billion from N9.93 billion.
- The Greenwich Alpha ETF lost 19.38% to close at N1,040 from N1,290, with market capitalization declining to N5.97 billion from N7.41 billion.
- The Vetiva Industrial ETF fell 16.32% to N140 from N167.31, with market capitalization dropping to N233.22 million from N278.72 million.
- The Lotus Halal Equity ETF declined 16.01% to N120.10 from N143, as market capitalization fell to N4.01 billion from N4.78 billion.
- The Vetiva Consumer Goods ETF lost 10.37% to close at N50.20 from N56.01, with market capitalization declining to N185.99 million from N207.51 million.
- The Vetiva Griffin 30 ETF was the only fund to record a gain, rising 3.24% to N97 from N93.96, with market capitalization increasing to N14.01 billion from N13.57 billion.
More insights
ETF trading activity in April reflected the broader pattern of price weakness, with liquidity concentrated in a handful of funds while others recorded negligible volumes. Total trading volume across all twelve ETFs reached 26.90 million units, with total transaction value amounting to N3.71 billion for the month.
- The Vetiva Banking ETF led all funds by volume, recording 11.76 million units traded, the largest share of total monthly volume by a significant margin.
- The Vetiva Consumer Goods ETF followed with 5.31 million units, while the Vetiva Griffin 30 ETF recorded 3.52 million units.
- In terms of transaction value, the Stanbic IBTC ETF 30 recorded the highest value traded of any fund in the month at N709.87 million, followed by the NewGold ETF at N355.81 million and the Vetiva Griffin 30 ETF at N337.70 million.
- The SIAML Pension ETF 40 traded just 34,172 units for the entire month, the lowest volume of any tracked fund, consistent with its pattern of thin liquidity. At that volume, small transactions can drive outsized price movements, suggesting that the fund’s 58.74% decline reflects illiquidity dynamics rather than a fundamental reassessment of its underlying assets.
- The NewGold ETF similarly recorded just 2,161 units traded, the second lowest in the group, yet generated N355.81 million in transaction value, reflecting its high unit price of N149,000.
What you should knowÂ
Nairametrics earlier reported that ETFs on the Nigerian Exchange recorded strong gains in March 2026, making April’s broad selloff a sharp reversal of the prior month’s momentum.
- The SIAML Pension ETF 40 led March with a 184.56% gain to N14,270.58, the NewGold ETF followed with a 179.28% rise to N186,000.25.
- The Stanbic IBTC ETF 30 surged 155.57% to N5,000, maintaining the trend of recording triple-digit gains amongst its peers.
- The Greenwich Alpha ETF also posted a strong 115% gain in March, while the Vetiva Industrial ETF and Vetiva Griffin 30 ETF recorded moderate gains of 29.28% and 28.71%, respectively.
The April declines across these same funds suggest that the March rally attracted profit-taking and prompted investor caution heading into the new month, with the Meristem Growth ETF and Meristem Value ETF, which had already recorded losses of 48.46% and 54.72% in March, extending their weakness further into April.
