NGX ETFs close mixed as trading value rises to N1.18 billion

Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) closed mixed in the week ended May 15, 2026, even as total transaction value rose to N1.18 billion from N1.11 billion in the previous week, reflecting stronger investor participation.

Data compiled by Nairametrics Research from NGX trading activity shows that total trading volume and transaction value increased week-on-week, reflecting stronger market activity despite price declines across several major funds.

The week’s performance was less broadly positive compared to the previous week, as gains in NewGold ETF, Vetiva Banking ETF, Meristem Value ETF, Vetiva S&P Nigeria Sovereign Bond ETF, and Vetiva Consumer Goods ETF were offset by losses in funds such as the SIAML Pension ETF 40, Vetiva Griffin 30 ETF, Meristem Growth ETF, and Stanbic IBTC ETF 30.

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 mixed, with five of the twelve tracked ETFs closing higher while seven recorded declines.

• The NewGold Exchange Traded Fund recorded the strongest gain, rising 15.82% to close at N169,600, up from N146,439. Its market capitalization increased to N9.06 billion from N7.82 billion.
• The Vetiva Banking ETF followed with a 12.50% gain, closing at N27 compared to N24 in the previous week, while its market capitalization rose to N1.72 billion from N1.53 billion.
• The Meristem Value ETF advanced by 10.85% to close at N140, with market capitalization increasing to N1.87 billion from N1.68 billion.
• The Vetiva S&P Nigeria Sovereign Bond ETF gained 4.00% to settle at N260, while the Vetiva Consumer Goods ETF rose 2.26% to close at N54.20.
• On the losing side, the Greenwich Alpha ETF declined marginally by 0.38% to N1,117.40, while the Lotus Halal Equity ETF fell 5.72% to N131.05.
• The Stanbic IBTC ETF 30 declined by 5.92% to close at N4,450, with market capitalization falling to N15.22 billion from N27.02 billion.
• The Vetiva Industrial ETF dropped 10.83% to N140, while the Vetiva Griffin 30 ETF shed 11.80% to close at N97.
• The Meristem Growth ETF also fell by 12.70% to N86.08, while the SIAML Pension ETF 40 recorded the steepest decline of the week, losing 17.65% to close at N7,700. Its market capitalization dropped to N49.66 billion from N60.31 billion.

More insights

ETF trading activity strengthened during the week, with total trading volume rising to 7.66 million units from 7.59 million units in the previous week.

• The total value of transactions also increased to N1.18 billion from N1.11 billion, representing stronger market participation despite the mixed price performance.
• The Vetiva Griffin 30 ETF recorded the highest traded value at N218.41 million, supported by a trading volume of 2.03 million units.
• The Stanbic IBTC ETF 30 followed with N165.66 million in transaction value, while the SIAML Pension ETF 40 recorded N158.57 million.
• The NewGold ETF also attracted notable trading value of N158.20 million, despite trading only 1,095 units during the week. This highlights the effect of its high unit price on transaction value, even when volume remains thin.
• In terms of volume, the Vetiva Banking ETF led the market with 2.41 million units traded. The Vetiva Griffin 30 ETF followed with 2.03 million units, while the Meristem Growth ETF recorded 1.32 million units.

The NewGold ETF remained the least traded by volume, with just 1,095 units exchanged. At 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 

In a previous article published by Nairametrics, ETF performance for the week ended May 8th showed a broad rebound across the Nigerian Exchange, with most tracked funds closing in positive territory after the sharp selloff recorded in the prior week.

• The SIAML Pension ETF 40 led the rebound during the period, surging 58.78% to close at N9,349.99, while its market capitalization rose to N60.31 billion from N37.98 billion. Other major ETFs, including the Stanbic IBTC ETF 30, Lotus Halal Equity ETF, Vetiva Griffin 30 ETF, and Vetiva Industrial ETF, also posted strong gains.
• Trading activity also strengthened in the previous week, as total volume rose to 7.59 million units while transaction value increased to N1.11 billion, reflecting stronger investor participation and renewed interest in ETF products.
• The Stanbic IBTC ETF 30 recorded the highest traded value at N203.32 million, followed by the Lotus Halal Equity ETF with N155.23 million and the Vetiva Griffin 30 ETF with N150.59 million. The SIAML Pension ETF 40 also attracted notable activity, recording N144.81 million in traded value.

Despite the stronger market activity, liquidity remained concentrated in a handful of ETFs. The Vetiva Banking ETF led by volume with 2.67 million units traded, while the NewGold ETF recorded just 791 units, highlighting how thin trading in some funds can amplify price movements.