Stronger trading activity returned to the Nigerian Exchange ETF market last week, but gains remained uneven as investors rotated across select funds amid continued liquidity concerns…..
Exchange Traded Funds listed on the Nigerian Exchange Limited closed on a mixed note in the week ended May 15, 2026, despite a noticeable increase in investor participation and transaction value.
Data compiled from NGX trading activity showed that total ETF transaction value rose to N1.18 billion during the week, up from N1.11 billion recorded in the previous trading week, while total trading volume also increased slightly.
The performance, however, reflected a more cautious market mood compared to the previous week’s broad rally, as gains in a handful of funds were offset by declines across several major ETFs.
Among the top performers, the NewGold ETF posted the strongest weekly gain, surging 15.82 per cent to close at N169,600 from N146,439 recorded in the previous week.
Its market capitalisation also climbed significantly to N9.06 billion from N7.82 billion.
The Vetiva Banking ETF followed with a 12.5 per cent increase, closing at N27, while the Meristem Value ETF gained 10.85 per cent to settle at N140.
Other gainers included the Vetiva S&P Nigeria Sovereign Bond ETF, which rose four per cent, and the Vetiva Consumer Goods ETF, which advanced by 2.26 per cent.
On the downside, several funds recorded notable losses as investor sentiment weakened in parts of the market.
The SIAML Pension ETF 40 emerged as the worst-performing fund of the week after falling 17.65 per cent to close at N7,700.
Its market capitalisation dropped sharply to N49.66 billion from N60.31 billion.
The Meristem Growth ETF also declined by 12.7 per cent, while the Vetiva Griffin 30 ETF shed 11.8 per cent.
Other laggards included the Vetiva Industrial ETF, Stanbic IBTC ETF 30, Lotus Halal Equity ETF, and Greenwich Alpha ETF.
Market analysts noted that ETF price movements on the Nigerian Exchange can sometimes diverge from the actual value of underlying assets due to relatively low market liquidity.
This means that small or concentrated trades can trigger significant price swings even when there is little change in the fundamental value of the underlying securities.
Despite the mixed performance, overall market activity improved during the week.
Total trading volume rose to 7.66 million units from 7.59 million units recorded in the previous week, indicating stronger investor engagement in the ETF segment.
The Vetiva Griffin 30 ETF recorded the highest traded value during the period at N218.41 million, supported by a trading volume of over two million units.
The Stanbic IBTC ETF 30 followed with N165.66 million in transaction value, while the SIAML Pension ETF 40 accounted for N158.57 million worth of trades.
Although the NewGold ETF traded only 1,095 units throughout the week, it still attracted N158.2 million in transaction value due to its high unit price.
By trading volume, the Vetiva Banking ETF emerged as the most actively traded fund with 2.41 million units exchanged.
It was followed by the Vetiva Griffin 30 ETF and the Meristem Growth ETF.
Analysts say the latest market performance reflects continued investor interest in ETFs as portfolio diversification tools, even as liquidity challenges remain concentrated in a few heavily traded funds.
The mixed outing also follows a strong rebound recorded in the previous trading week, when most ETFs posted sharp gains after an earlier market selloff.
During that earlier rally, the SIAML Pension ETF 40 had led the market with a nearly 59 per cent surge, while several other ETFs also recorded significant price recoveries.
However, market watchers say the latest pullback across some funds suggests investors are becoming more selective amid evolving market conditions, interest rate uncertainty, and ongoing portfolio repositioning within the broader Nigerian financial market.
