NGX ETFs rally as Stanbic IBTC ETF 30 delivers 219.64% return

The Stanbic IBTC ETF 30 delivered a remarkable 219.64% return in the first half of 2026, leading a broadly strong performance across Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX), with ten of the twelve tracked funds recording gains while two closed the period lower.

Data compiled by Nairametrics Research from NGX trading activity shows that the H1 2026 period generated total trading volume of 120.34 million units, with total transaction value reaching N18.40 billion across all twelve funds.

Price performance was largely positive, with ten funds advancing and only two, both Meristem funds, closing the half-year in negative territory.

The period reflected the broader rally in Nigerian equities in H1 2026, though performance varied widely across the segment, with returns ranging from a gain of 219.64% to a loss of 70.41%.

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

Price performance across the ETF segment was broadly positive in H1 2026, with ten gainers and two losers.

• The Stanbic IBTC ETF 30 recorded the strongest performance, surging 219.64% to close at N3,098.00 from N969.22 at the start of the year. Its market capitalization increased to N10.59 billion from N5.54 billion.
• The Vetiva Griffin 30 ETF followed with a 97.37% gain, closing at N106.60 from N54.01, while its market capitalization rose to N15.39 billion from N7.80 billion, the largest market capitalization among all tracked funds on June 30.
• The Greenwich Alpha ETF advanced by 85.24% to close at N703.92 from N380.00, with market capitalization increasing to N4.04 billion from N2.18 billion.
• The Vetiva Industrial ETF gained 81.67% to close at N109.00 from N60.00, while its market capitalization rose to N181.58 million from N99.95 million.
• The NewGold Exchange Traded Fund rose by 61.69% to close at N95,399.00 from N59,000.00, with market capitalization increasing to N5.09 billion from N3.15 billion.
• The Vetiva Banking ETF gained 61.40% to close at N24.21 from N15.00, while its market capitalization rose to N1.54 billion from N955.26 million.
• The Lotus Halal Equity ETF advanced by 50.69% to close at N122.06 from N81.00, with market capitalization increasing to N4.08 billion from N2.71 billion.
• The SIAML Pension ETF 40 gained 46.82% to close at N2,608.10 from N1,776.40, while its market capitalization rose to N16.82 billion from N11.46 billion, the second largest market capitalization on June 30.
• The Vetiva Consumer Goods ETF gained 42.90% to close at N55.73 from N39.00, with market capitalization increasing to N206.48 million from N144.49 million.
• The Vetiva S&P Nigeria Sovereign Bond ETF recorded the smallest gain among the ten advancing funds, rising 15.01% to close at N248.99 from N216.50, while its market capitalization rose to N876.53 million from N762.16 million.

On the losing side, two ETFs closed H1 2026 in negative territory, with both losses concentrated in the Meristem family of funds.

• The Meristem Value ETF declined by 63.65% to close at N138.05 from N379.80, while its market capitalization fell to N1.84 billion from N5.06 billion.
• The Meristem Growth ETF recorded the steepest decline of the half-year, losing 70.41% to close at N125.75 compared to N425.00 at the start of the year. Its market capitalization dropped to N1.69 billion from N5.70 billion.

More insights

Total H1 2026 ETF trading volume across all twelve funds stood at 120.34 million units, with total transaction value reaching N18.40 billion.

• The Stanbic IBTC ETF 30 recorded the highest traded value at N4.04 billion, despite trading only 1.64 million units, a reflection of its high unit price. The Vetiva Griffin 30 ETF followed, with N2.41 billion in transaction value, while the SIAML Pension ETF 40 recorded N1.62 billion.

In terms of volume, the Vetiva Banking ETF led the market with 46.87 million units traded. The Vetiva Griffin 30 ETF followed with 24.99 million units, while the Vetiva Consumer Goods ETF recorded 16.83 million units.

The NewGold ETF remained the least traded by volume across the half-year, with just 11,473 units exchanged. Its high unit price, however, meant it still generated N1.45 billion in transaction value during the period.

What you should know

In an earlier article published by Nairametrics, the Nigerian equities market was reported to have opened July 2026 on a sharply bearish note, extending the correction that began in June as profit-taking continued across heavyweight stocks.

• The All-Share Index fell 1.63% to close at 225,690.07 points on the first trading day of July, down from 229,419.18 points in the previous session, pushing the market’s year-to-date return further down to 45.03%.
• Market capitalization declined to N144.82 trillion, representing a loss of approximately N2.39 trillion in a single session.
• Trading activity deteriorated sharply during the session, with volume traded falling 49.50% to 488.12 million shares and transaction value declining 65.09% to N13.96 billion, reflecting heightened investor caution amid the ongoing market correction.

Market breadth was negative at 33 losers versus 19 gainers, with only the Insurance Index managing to close in positive territory across all tracked sector indices.