NGX ETFs rebound in July as Greenwich Alpha ETF leads with 30.41% gain

The Greenwich Alpha ETF delivered the strongest monthly performance among Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) in July 2026, gaining 30.41% to lead a broad recovery across the segment, with nine of the twelve tracked funds recording gains, one closing flat, and two ending the month lower.

Data compiled by Nairametrics Research from NGX trading activity shows that July generated total trading volume of 12.74 million units, with total transaction value reaching N2.39 billion across all twelve funds.

Price performance was largely positive, with nine funds advancing and only two declining. The month marked a meaningful reversal from the broad correction that characterized the latter stages of H1 2026, though trading activity remained significantly subdued during the period.

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 July 2026, with nine gainers, one flat and two losers.

• The Greenwich Alpha ETF recorded the strongest performance of the month, gaining 30.41% to close at N917.98 from N703.92 at the end of June. Its market capitalization increased to N5.27 billion from N4.04 billion.
• The Vetiva Banking ETF followed with a 28.29% gain, closing at N31.06 from N24.21, while its market capitalization rose to N1.98 billion from N1.54 billion.
• The Vetiva Industrial ETF advanced by 24.68% to close at N135.90 from N109.00, with market capitalization increasing to N226.39 million from N181.58 million.
• The Meristem Growth ETF gained 19.28% to close at N149.99 from N125.75, while its market capitalization rose to N2.01 billion from N1.69 billion, continuing a partial recovery from the steep losses recorded in H1 2026.
• The SIAML Pension ETF 40 rose 18.98% to close at N3,103.00 from N2,608.10, with market capitalization increasing to N20.01 billion from N16.82 billion, crossing the N20 billion threshold for the first time and retaining its position as the second largest ETF by market capitalization.
• The NewGold Exchange Traded Fund gained 15.31% to close at N110,000.00 from N95,399.00, while its market capitalization rose to N5.87 billion from N5.09 billion.
• The Lotus Halal Equity ETF advanced by 6.50% to close at N130.00 from N122.06, with market capitalization increasing to N4.34 billion from N4.08 billion.
• The Vetiva Consumer Goods ETF gained 4.07% to close at N58.00 from N55.73, while its market capitalization rose to N214.89 million from N206.48 million.
• The Meristem Value ETF recorded a modest 1.41% gain to close at N140.00 from N138.05, with market capitalization increasing to N1.87 billion from N1.84 billion, also contributing to the partial recovery of the Meristem fund family following H1 losses.
• The Vetiva S&P Nigeria Sovereign Bond ETF closed flat at N249.00, effectively unchanged from N248.99 at the end of June. Its market capitalization remained steady at N876.57 million from N876.53 million.

On the losing side, two ETFs closed July in negative territory.

• The Vetiva Griffin 30 ETF declined by 0.56% to close at N106.00 from N106.60, while its market capitalization fell to N15.31 billion from N15.39 billion, retaining its position as the largest ETF by market capitalization despite the marginal price decline.
• The Stanbic IBTC ETF 30 recorded the steepest decline of the month, falling 9.62% to close at N2,800.00 from N3,098.00 at the end of June. Its market capitalization dropped to N9.58 billion from N10.59 billion.

More insights

Total ETF trading volume in July stood at 12.74 million units, with total transaction value reaching N2.39 billion.

• The Stanbic IBTC ETF 30 recorded the highest traded value at N823.92 million, despite trading only 328,569 units, a reflection of its high unit price. The SIAML Pension ETF 40 followed with N335.33 million in transaction value, while the Vetiva Griffin 30 ETF recorded N321.23 million.

In terms of volume, the Vetiva Banking ETF led the market with 5.73 million units traded. The Vetiva Griffin 30 ETF followed with 2.91 million units, while the Vetiva Consumer Goods ETF recorded 1.33 million units.

• The NewGold ETF remained the least traded by volume in July, with just 3,139 units exchanged. Its high unit price, however, meant it still generated N291.37 million in transaction value during the month.

What you should know

In an earlier article published by Nairametrics, the H1 2026 performance of NGX-listed ETFs was reported, covering price returns from January 2 to June 30, 2026.

The Stanbic IBTC ETF 30 led the H1 2026 ranking with a remarkable 219.64% return, closing at N3,098.00 from N969.22 at the start of the year, before giving back some of those gains in July.

Ten of the twelve tracked ETFs recorded gains over H1 2026, with returns ranging from 15.01% to 219.64%, while only the Meristem Value ETF and Meristem Growth ETF closed the half-year lower, losing 63.65% and 70.41% respectively. Both funds staged a partial recovery in July.