Exchange Traded Funds (ETFs) listed on the Nigerian Exchange Limited (NGX) posted a broadly positive performance in the week ended May 8, 2026, as investor sentiment improved following heavy selloffs recorded in the previous week.
Leading the rally was the SIAML Pension ETF 40, which surged 58.78% to close at ₦9,349.99 from ₦5,888.48.
The sharp rebound came amid stronger trading activity, with both transaction value and trading volume rising week-on-week across the ETF market.
Top Performing ETFs
Several major ETFs posted double-digit gains during the week:
- Stanbic IBTC ETF 30 rose 19.75% to ₦4,730
- Lotus Halal Equity ETF gained 15.74% to ₦139
- Vetiva Griffin 30 ETF advanced 13.38% to ₦109.98
- Vetiva Industrial ETF climbed 12.14% to ₦157
- Greenwich Alpha ETF increased 7.86% to ₦1,121.71
- Vetiva Consumer Goods ETF rose 5.58% to ₦53
Meanwhile, the Vetiva Banking ETF closed flat at ₦24.
ETFs That Declined
A few funds still ended the week lower:
- Vetiva S&P Nigeria Sovereign Bond ETF fell 3.85% to ₦250
- Meristem Value ETF declined 9.63% to ₦126.3
- Meristem Growth ETF dropped 27.71% to ₦98.6
The NewGold ETF recorded a slight decline of 1.72% to ₦146,439.
Trading Activity Picks Up
ETF market liquidity improved notably during the week:
- Total trading volume rose to 7.59 million units
- Transaction value climbed to ₦1.11 billion
Among the most actively traded funds by value:
- Stanbic IBTC ETF 30 — ₦203.32 million
- Lotus Halal Equity ETF — ₦155.23 million
- Vetiva Griffin 30 ETF — ₦150.59 million
- SIAML Pension ETF 40 — ₦144.81 million
By volume traded:
- Vetiva Banking ETF led with 2.67 million units
- Vetiva Griffin 30 ETF traded 1.53 million units
- Lotus Halal Equity ETF traded 1.26 million units
The NewGold ETF recorded the lowest trading volume with only 791 units exchanged during the week.
Market Context
The rebound follows a difficult April for NGX-listed ETFs, during which many funds recorded steep losses.
Notably:
- Meristem Growth ETF plunged 59.29% in April
- SIAML Pension ETF 40 lost 58.74% during the month
- Stanbic IBTC ETF 30, Vetiva Banking ETF, NewGold ETF, and Greenwich Alpha ETF also declined sharply
Analysts noted that ETF price movements on the NGX are often amplified by relatively thin market liquidity, meaning short-term price swings may reflect trading activity more than underlying net asset values (NAVs).
Still, the latest rebound suggests bargain hunting and improving sentiment may be returning to segments of Nigeria’s ETF market after weeks of volatility.
