NGX ETFs rebound strongly as trading value rises to N1.11 billion

Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded a broadly positive performance in the week ended May 8, 2026, with the SIAML Pension ETF 40 leading the gainers after surging 58.78% to N9,349.99, as most tracked ETFs closed in the green.

Data compiled by Nairametrics Research from NGX trading activity shows that both total trading volume and transaction value increased week-on-week, reflecting stronger investor participation and renewed interest in ETF products following the sharp selloff recorded in the previous week.

The positive performance was widespread across the ETF market, with major funds such as the Stanbic IBTC ETF 30, Lotus Halal Equity ETF, and Vetiva Griffin 30 ETF posting double-digit gains during the period.

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The rebound across several funds suggests improved market sentiment and bargain hunting by investors after steep declines in the previous week.

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 strong recoveries across most funds, with several ETFs reversing losses recorded in the prior week.

• The SIAML Pension ETF 40 recorded the strongest gain, rising 58.78% to close at N9,349.99, up from N5,888.48. Its market capitalization rose to N60.31 billion from N37.98 billion, driven largely by the sharp increase in price.
• Similarly, the Stanbic IBTC ETF 30 advanced by 19.75% to close at N4,730, while its market capitalization rose to N27.02 billion from N22.56 billion.
• The Lotus Halal Equity ETF also posted a notable gain of 15.74%, closing at N139, as its market capitalization increased to N4.64 billion from N4.01 billion.
• The Vetiva Griffin 30 ETF climbed 13.38% to close at N109.98, while the Vetiva Industrial ETF gained 12.14% to settle at N157.
• Other gainers included the Greenwich Alpha ETF, up 7.86% to N1,121.71, and the Vetiva Consumer Goods ETF, which rose 5.58% to close at N53.
• The Vetiva Banking ETF closed flat at N24 during the week, while the NewGold Exchange Traded Fund declined marginally by 1.72% to close at N146,439.

On the losing side, the Vetiva S&P Nigeria Sovereign Bond ETF fell 3.85% to N250, while the Meristem Value ETF dropped 9.63% to close at N126.3. The Meristem Growth ETF recorded the steepest decline among laggards, shedding 27.71% to close at N98.6.

**More insights **

ETF trading activity strengthened during the week, with total trading volume rising to 7.59 million units while the total value of transactions increased to N1.11 billion, reflecting stronger market participation compared to the previous week.

• The Stanbic IBTC ETF 30 recorded the highest traded value at N203.32 million despite relatively moderate trading volume, highlighting sustained investor interest in the fund.
• The Lotus Halal Equity ETF followed with N155.23 million in traded value, while the Vetiva Griffin 30 ETF recorded N150.59 million. The SIAML Pension ETF 40 also attracted notable trading activity with N144.81 million in transaction value during the week.
• In terms of volume, the Vetiva Banking ETF led the market with 2.67 million units traded. The Vetiva Griffin 30 ETF followed with 1.53 million units, while the Lotus Halal Equity ETF recorded 1.26 million units.

The NewGold ETF traded just 791 units during the week, making it the least traded ETF by volume. With such low trading activity, small transactions can significantly influence price movement, meaning price changes may not necessarily reflect shifts in the underlying value of the asset.

What you should know

A previous report by Nairametrics highlighted that ETFs on the Nigerian Exchange recorded broad losses in April 2026, providing context for the rebound seen in the week ended May 8, 2026.

• The Meristem Growth ETF led the market losers in April after plunging 59.29% to N136.40, while the SIAML Pension ETF 40 also recorded a steep 58.74% decline during the month, reflecting widespread weakness across the ETF market.
• Other major ETFs including the Stanbic IBTC ETF 30, Vetiva Banking ETF, NewGold ETF, and Greenwich Alpha ETF also posted significant monthly losses, as investor sentiment remained weak and sell pressure intensified across most tracked funds.
• Despite the broad decline recorded during the month, the Vetiva Griffin 30 ETF emerged as the only gainer in April, posting a modest 3.24% increase, highlighting pockets of resilience within the market.
• Liquidity trends during the month showed that total trading volume reached 26.90 million units with transaction value of N3.71 billion, although activity remained concentrated in a handful of ETFs while several funds recorded relatively thin trading volumes.

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