NGX ETF turnover falls 31% to N815.90 million as major funds decline

Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded weaker trading activity in the week ended May 22, 2026, as total transaction value fell to N815.90 million from N1.18 billion in the previous week.

Data compiled by Nairametrics Research from NGX trading activity shows that total trading volume also declined week-on-week, falling to 5.98 million units from 7.66 million units, reflecting reduced investor participation across the ETF segment.

The week’s price performance was evenly split, with gains in Meristem Growth ETF, Vetiva Griffin 30 ETF, Vetiva Banking ETF, Vetiva S&P Nigeria Sovereign Bond ETF, Meristem Value ETF, and Vetiva Industrial ETF offset by losses in Lotus Halal Equity ETF, Vetiva Consumer Goods ETF, Stanbic IBTC ETF 30, Greenwich Alpha ETF, NewGold ETF, and SIAML Pension ETF 40.

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 performance during the week was evenly balanced, with six gainers and losers, declines in some ETFs outweighed the moderate gains recorded elsewhere.

• The Meristem Growth ETF recorded the strongest gain, rising 16.31% to close at N100.12, up from N86.08 in the previous week. Its market capitalization increased to N1.34 billion from N1.15 billion.
• The Vetiva Griffin 30 ETF followed with a 3.95% gain, closing at N100.83 compared to N97 in the previous week, while its market capitalization rose to N14.56 billion from N14.01 billion.
• The Vetiva Banking ETF advanced by 3.70% to close at N28, with market capitalization increasing to N1.78 billion from N1.72 billion.
• The Vetiva S&P Nigeria Sovereign Bond ETF gained 3.47% to settle at N269.02, while its market capitalization rose to N947.05 million from N915.29 million.
• The Meristem Value ETF rose by 2.96% to close at N144.15, with market capitalization increasing to N1.92 billion from N1.87 billion.
• The Vetiva Industrial ETF also gained 2.86% to close at N144, while its market capitalization rose to N239.88 million from N233.22 million.

On the losing side, the Lotus Halal Equity ETF declined marginally by 0.80% to N130, while the Vetiva Consumer Goods ETF fell by 2.20% to close at N53.01.

• The Stanbic IBTC ETF 30 declined by 6.74% to close at N4,150.10, with market capitalization falling to N14.19 billion from N15.22 billion.
• The Greenwich Alpha ETF dropped 7.82% to N1,030, while its market capitalization declined to N5.92 billion from N6.42 billion.
• The NewGold Exchange Traded Fund fell by 10.38% to close at N151,995.99, down from N169,600 in the previous week. Its market capitalization dropped to N8.12 billion from N9.06 billion.
• The SIAML Pension ETF 40 recorded the steepest decline of the week, losing 18.18% to close at N6,300, compared to N7,700 in the previous week. Its market capitalization fell to N40.63 billion from N49.66 billion.

More insights

ETF trading activity weakened during the week, with total trading volume falling to 5.98 million units from 7.66 million units in the previous week.

• The total value of transactions also declined to N815.90 million from N1.18 billion, representing a 30.7% drop in traded value and weaker market participation.
• The Vetiva Griffin 30 ETF recorded the highest traded value at N163.38 million, supported by a trading volume of 1.52 million units.
• The SIAML Pension ETF 40 followed with N111.52 million in transaction value, while the NewGold ETF recorded N101.74 million despite trading only 682 units during the week.
• The Stanbic IBTC ETF 30 also posted notable trading value of N101.73 million, while the Vetiva Banking ETF recorded N69.68 million.
• In terms of volume, the Vetiva Banking ETF led the market with 2.30 million units traded. The Vetiva Griffin 30 ETF followed with 1.52 million units, while the Vetiva Consumer Goods ETF recorded 687,741 units.
• The NewGold ETF remained the least traded by volume, with just 682 units exchanged. However, its high unit price meant it still generated more than N100 million in transaction value.

At such low trading activity, small transactions can significantly influence ETF price movement, meaning weekly price changes may not necessarily reflect shifts in the underlying value of the assets.

What you should know

In a previous article published by Nairametrics, ETF performance for the week ended May 15th closed mixed on the Nigerian Exchange, even as trading activity improved from the prior week.

• Total transaction value rose to N1.18 billion from N1.11 billion, while total trading volume increased to 7.66 million units from 7.59 million units, reflecting stronger investor participation despite price declines across several major funds.
• The NewGold Exchange Traded Fund led the gainers during the period, rising 15.82% to close at N169,600, while its market capitalization increased to N9.06 billion from N7.82 billion. Other gainers included the Vetiva Banking ETF, Meristem Value ETF, Vetiva S&P Nigeria Sovereign Bond ETF, and Vetiva Consumer Goods ETF.
• However, the market was weighed down by losses in seven of the twelve tracked ETFs. The SIAML Pension ETF 40 recorded the steepest decline, falling 17.65% to close at N7,700, while its market capitalization dropped to N49.66 billion from N60.31 billion.
• Trading activity was led by the Vetiva Griffin 30 ETF, which recorded the highest traded value at N218.41 million, supported by 2.03 million units traded. The Stanbic IBTC ETF 30 followed with N165.66 million in transaction value, while the SIAML Pension ETF 40 and NewGold ETF recorded N158.57 million and N158.20 million, respectively.