The Nigerian Exchange (NGX) ETF segment recorded a broad-based downturn in the week ended April 24, 2026, as all listed Exchange Traded Funds (ETFs) closed in negative territory, reflecting weak investor sentiment and sustained sell pressure across the market.
Data from NGX trading activity showed that despite an increase in total trading volume, the overall value of transactions declined, indicating reduced participation in higher-value trades. The downturn was led by sharp price corrections in major ETFs, with the SIAML Pension ETF 40 emerging as the worst performer.
The SIAML Pension ETF 40 plunged by 40.29% to close at N7,343.15, down from N12,299 recorded in the previous week. Its market capitalization also fell significantly to N47.36 billion from N79.33 billion, largely due to price depreciation amid low trading activity.
Similarly, the Meristem Growth ETF declined by 40.00% to N135, while the Lotus Halal Equity ETF dropped 21.66% to close at N155, with both funds experiencing notable reductions in market value.
Other ETFs also recorded losses during the period. The Vetiva S&P Nigeria Sovereign Bond ETF fell by 17.99% to N269, while the Vetiva Industrial ETF declined by 13.33% to N130. The Greenwich Alpha ETF dropped 6.27% to N1,134.10, and the Stanbic IBTC ETF 30 lost 5.29% to close at N3,900.
Additional declines were recorded in the Vetiva Consumer Goods ETF, which fell 5.11% to N52, and the Vetiva Griffin 30 ETF, which dropped by 2.16% to N90.01. The Meristem Value ETF posted a slight decline of 0.42% to N130.05, while both the Vetiva Banking ETF and NewGold ETF recorded marginal losses of 0.18% and 0.11%, respectively.
Overall, ETF trading activity showed mixed liquidity trends. Total volume traded rose to 7.76 million units from 6.74 million units in the previous week, while total transaction value declined to N916.11 million from N1.06 billion, highlighting weaker participation in high-value trades.
Notably, the SIAML Pension ETF 40 recorded extremely low trading volume of just 6,193 units, suggesting that its sharp price decline may have been driven more by illiquidity than by changes in underlying asset fundamentals.
In contrast, the Stanbic IBTC ETF 30 recorded the highest trading value at N180.79 million, followed by the Vetiva Banking ETF at N98.01 million and the NewGold ETF at N92.90 million. In terms of volume, the Vetiva Banking ETF led with 3.68 million units traded, followed by the Vetiva Consumer Goods ETF with 1.52 million units.
The latest performance marks a sharp reversal from the previous week ended April 17, 2026, when ETFs recorded mixed outcomes, with some funds posting gains amid relatively stable trading activity.
Analysts note that ETF price movements on the NGX may not always reflect underlying asset values, as thin liquidity can lead to significant price swings. As a result, short-term volatility is often driven more by trading dynamics than by fundamental changes in the assets they track.
Overall, the widespread decline underscores cautious investor sentiment in the ETF segment and highlights the impact of liquidity constraints on price stability within Nigeria’s capital market.
