ETF turnover falls to N3.67 billion despite broad gains in May

Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded weaker trading activity in May 2026, as total transaction value fell to N3.67 billion from N3.71 billion in April.

Data compiled by Nairametrics Research from NGX trading activity shows that total trading volume also declined marginally month-on-month, falling to 25.92 million units from 26.90 million units, reflecting a slight moderation in investor participation across the ETF segment.

The month’s price performance was broadly positive, with nine of the twelve tracked ETFs recording gains, while three funds closed lower.

May marked a sharp turnaround from April, when nearly the entire ETF market closed lower.

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 

Although trading activity weakened slightly during the month, ETF price performance was largely positive, with nine gainers and three losers.

• The SIAML Pension ETF 40 recorded the strongest gain, rising 15.63% to close at N6,809, up from N5,888.48 at the end of April. Its market capitalization increased to N43.92 billion from N37.98 billion.
• The Vetiva S&P Nigeria Sovereign Bond ETF followed with a 13.15% gain, closing at N294.20 compared to N260 in April, while its market capitalization rose to N1.04 billion from N915.29 million.
• Meristem Value ETF advanced by 13.05% to close at N158 from N139.76 in April, withmarket capitalisation increasing to N2.11 billion from N1.86 billion.
• The Vetiva Consumer Goods ETF gained 11.55% to close at N56, while its market capitalization rose to N207.48 million from N185.99 million.
• The Lotus Halal Equity ETF rose by 8.24% to close at N130, with market capitalization increasing to N4.34 billion from N4.01 billion.
• The Vetiva Industrial ETF also gained 6.43% to close at N149, while its market capitalization rose to N248.21 million from N233.22 million.
• The Vetiva Griffin 30 ETF appreciated by 5.15% to close at N102, with market capitalization increasing to N14.73 billion from N14.01 billion.
• The Vetiva Banking ETF gained 4.21% to close at N25.01, while market capitalization increased to N1.59 billion from N1.53 billion.
• The Stanbic IBTC ETF 30 rose by 3.54% to close at N4,089.90, compared to N3,950 at the end of April. However, its market capitalisation declined sharply to N13.99 billion from N22.56 billion in April, a fall of approximately 38%, likely reflecting a significant reduction in units outstanding during the month.

On the losing side, three ETFs closed the month in negative territory, with losses concentrated in Greenwich Alpha ETF, NewGold ETF, and Meristem Growth ETF.

• The Greenwich Alpha ETF declined by 3.85% to close at N1,000, while its market capitalization fell to N5.74 billion from N5.97 billion.
• The NewGold Exchange Traded Fund fell by 6.46% to close at N139,379.99, down from N149,000 in April. Its market capitalization declined to N7.44 billion from N7.96 billion.
• The Meristem Growth ETF recorded the steepest decline of the month, losing 25.15% to close at N102.10 compared to N136.40 in April. Its market capitalization dropped to N1.37 billion from N1.83 billion.

More insights 

ETF trading activity weakened slightly during the month, with total trading volume falling to 25.92 million units from 26.90 million units in April.

• The total value of transactions also declined to N3.67 billion from N3.71 billion, representing a 1.1% drop in traded value and softer market participation.
• The Vetiva Griffin 30 ETF recorded the highest traded value at N679.75 million, supported by a trading volume of 6.47 million units.
• The Stanbic IBTC ETF 30 followed with N590.63 million in transaction value, while the SIAML Pension ETF 40 recorded N449.88 million.
• In terms of volume, the Vetiva Banking ETF led the market with 9.52 million units traded. The Vetiva Griffin 30 ETF followed with 6.47 million units, while Meristem Growth ETF recorded 2.81 million units.
• The NewGold ETF remained the least traded by volume, with just 3,081 units exchanged. Its high unit price generated N447.20 million in transaction value during the month.

What you should know 

In April 2026, ETF performance on the Nigerian Exchange was broadly negative, as eleven of the twelve tracked ETFs closed the month in the red.

• The Meristem Growth ETF recorded the steepest decline, plunging 59.29% to close at N136.40, while the SIAML Pension ETF 40 followed closely with a 58.74% decline to N5,888.48.
• The Vetiva Griffin 30 ETF was the only fund to record a gain in April, rising 3.24% to close at N97 from N93.96.
• Despite the broad price weakness, total ETF trading volume stood at 26.90 million units, while total transaction value amounted to N3.71 billion across the twelve tracked funds.
• Trading activity was led by the Vetiva Banking ETF, which recorded the highest volume at 11.76 million units, while the Stanbic IBTC ETF 30 posted the highest traded value at N709.87 million.