Exchange Traded Funds (ETFs) listed on the Nigerian Exchange Limited recorded mixed performance in the week ended April 10, 2026, with the SIAML Pension ETF 40 dropping 26% to close at N10,350, leading losses across the market.
Data compiled from NGX trading activity shows that both trading volume and transaction value declined week-on-week, reflecting weaker investor participation compared to the previous week.
The downturn affected several ETFs, including the Meristem Value ETF and Meristem Growth ETF, which recorded significant declines, while only a few funds posted gains during the period.
ETF price movements on the NGX continue to mirror liquidity conditions in the market, where fluctuations in trading activity can trigger sharp price swings and shifts in market value. The latest performance suggests a slowdown in momentum following stronger trading activity recorded in the previous week.
Market performance highlights
The SIAML Pension ETF 40 recorded the steepest decline, falling 26.17% from N14,019.30 to N10,350, while its market capitalization dropped sharply from N90.42 billion to N66.75 billion.
The Meristem Value ETF followed with a 21.43% drop, closing at N165 from N210, with its market capitalization declining to N2.20 billion from N2.80 billion.
Similarly, the Meristem Growth ETF fell 16.61%, closing at N251 from N301, while market capitalization slipped to N3.36 billion from N4.03 billion.
The NewGold ETF also recorded a notable loss of 9.71%, closing at N153,598.99, with market capitalization falling to N8.20 billion.
Other decliners included the Vetiva Industrial ETF, which dropped 7.67%, while the Greenwich Alpha ETF fell 4.67% to N1,427.99.
Gainers during the week
Despite the broader decline, a few ETFs posted gains.
The Lotus Halal Equity ETF emerged as the top gainer, rising 18.99% to close at N188 from N157.99, with market capitalization increasing to N6.28 billion from N5.28 billion.
The Vetiva S&P Nigeria Sovereign Bond ETF advanced 10.14% to N380, while the Vetiva Consumer Goods ETF gained 4.21% to close at N65.39.
The Stanbic IBTC ETF 30 also recorded a modest gain of 3.14%, while the Vetiva Griffin 30 ETF remained largely flat, edging up 0.01%.
Liquidity weakens as trading activity drops
ETF trading activity declined during the week, with total volume falling to 6.74 million units, compared with 8.39 million units recorded in the previous week.
Transaction value also dropped to N1.10 billion from N1.85 billion, indicating reduced participation, particularly in high-value trades.
The Stanbic IBTC ETF 30 recorded the highest trading value at N203.51 million, followed by the Greenwich Alpha ETF with N122.60 million, while the NewGold ETF posted N106.82 million in transactions.
By trading volume, the Vetiva Banking ETF led the market with 3.05 million units traded, followed by the Vetiva Consumer Goods ETF with 1.37 million units, while the Vetiva Griffin 30 ETF recorded 786,271 units.
Market outlook
The mixed performance across ETFs suggests a price correction following the strong rally recorded in March, when several funds posted triple-digit gains.
Sharp declines in funds such as the SIAML Pension ETF 40 and the Meristem ETFs highlight how price movements in ETFs remain highly sensitive to liquidity conditions, particularly in less actively traded instruments.
The drop in both trading volume and transaction value also signals weaker market participation and softer investor sentiment compared to the previous week.
However, gains in select ETFs, particularly the Lotus Halal Equity ETF and bond-linked funds, suggest that investors are selectively repositioning in funds with stronger fundamentals or defensive characteristics.
Overall, the ETF market appears to be entering a consolidation phase, with reduced momentum and price corrections following the strong rally earlier in the year.
