Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) ended the week mixed despite stronger investor participation, with total transaction value climbing to N1.18 billion from N1.11 billion recorded in the previous week.
Data compiled from NGX trading activity showed that both transaction value and trading volume increased week-on-week, reflecting sustained market activity even as several major ETFs posted declines.
The market recorded a less broadly positive performance compared to the previous week, as gains in funds such as NewGold ETF, Vetiva Banking ETF, Meristem Value ETF, Vetiva S&P Nigeria Sovereign Bond ETF, and Vetiva Consumer Goods ETF were offset by losses across other major funds, including the SIAML Pension ETF 40, Vetiva Griffin 30 ETF, Meristem Growth ETF, and Stanbic IBTC ETF 30.
ETF price movements on the NGX continued to reflect the effects of relatively thin liquidity, which can cause prices to deviate significantly from underlying net asset values (NAV). As a result, sharp price swings were influenced largely by trading activity rather than changes in the fundamentals of the underlying assets.
What the data is saying
Performance across the ETF market remained mixed during the week, with five of the twelve tracked funds closing higher while seven recorded losses.
▪ The NewGold Exchange Traded Fund emerged as the best-performing ETF, gaining 15.82% to close at N169,600 from N146,439. Its market capitalisation rose to N9.06 billion from N7.82 billion.
▪ Vetiva Banking ETF advanced by 12.50% to close at N27 from N24, while its market capitalisation increased to N1.72 billion from N1.53 billion.
▪ Meristem Value ETF appreciated by 10.85% to settle at N140, pushing its market capitalisation higher to N1.87 billion from N1.68 billion.
▪ Vetiva S&P Nigeria Sovereign Bond ETF gained 4.00% to close at N260, while Vetiva Consumer Goods ETF rose 2.26% to settle at N54.20.
▪ On the downside, Greenwich Alpha ETF slipped marginally by 0.38% to close at N1,117.40, while Lotus Halal Equity ETF declined 5.72% to N131.05.
▪ Stanbic IBTC ETF 30 fell 5.92% to close at N4,450, with market capitalisation declining sharply to N15.22 billion from N27.02 billion.
▪ Vetiva Industrial ETF dropped 10.83% to close at N140, while Vetiva Griffin 30 ETF declined 11.80% to settle at N97.
▪ Meristem Growth ETF shed 12.70% to close at N86.08, while SIAML Pension ETF 40 recorded the steepest decline of the week, falling 17.65% to N7,700. Its market capitalisation declined 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 recorded in the previous week.
▪ Total transaction value also increased to N1.18 billion from N1.11 billion, indicating stronger investor participation despite mixed price performance across the market.
▪ Vetiva Griffin 30 ETF recorded the highest traded value at N218.41 million, supported by a trading volume of 2.03 million units.
▪ Stanbic IBTC ETF 30 followed with N165.66 million in transaction value, while SIAML Pension ETF 40 recorded N158.57 million.
▪ NewGold ETF also posted notable transaction value of N158.20 million despite trading only 1,095 units during the week, highlighting the impact of its high unit price on transaction value even with thin trading volume.
▪ By volume, Vetiva Banking ETF led the market with 2.41 million units traded, followed by Vetiva Griffin 30 ETF with 2.03 million units and Meristem Growth ETF with 1.32 million units traded.
NewGold ETF remained the least traded by volume, with only 1,095 units exchanged during the week. Analysts note that such low liquidity levels can amplify price movements, meaning changes in price may not necessarily reflect shifts in the intrinsic value of the underlying asset portfolio.
What you should know
The mixed performance follows a broad rebound recorded in the previous trading week ended May 8, 2026, when most tracked ETFs closed strongly higher after an earlier market selloff.
▪ During that period, SIAML Pension ETF 40 led market gains with a 58.78% rally to close at N9,349.99, while its market capitalisation rose sharply to N60.31 billion from N37.98 billion.
▪ Other major ETFs, including Stanbic IBTC ETF 30, Lotus Halal Equity ETF, Vetiva Griffin 30 ETF, and Vetiva Industrial ETF, also posted strong gains during the previous week.
▪ Trading activity had also strengthened significantly during that period, with total volume rising to 7.59 million units and transaction value increasing to N1.11 billion, reflecting renewed investor interest in ETF products on the Nigerian Exchange.
▪ Stanbic IBTC ETF 30 recorded the highest traded value during the prior week at N203.32 million, followed by Lotus Halal Equity ETF with N155.23 million and Vetiva Griffin 30 ETF with N150.59 million.
Despite the stronger activity levels, liquidity in the ETF market remained concentrated in a small number of funds. Vetiva Banking ETF led by trading volume with 2.67 million units exchanged, while NewGold ETF recorded just 791 units traded, underscoring how thin liquidity conditions can significantly magnify price volatility across certain ETFs.
