Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) delivered mixed performance for the week ended March 13, 2026, with strong gains in a few funds offsetting steep losses in others.

Data compiled by Nairametrics Research from the NGX shows that trading activity remained moderate during the week, with total ETF transactions reaching 3.39 million units valued at N741.65 million. While some funds posted double-digit gains, others recorded sharp declines, reflecting uneven trading activity across funds.

The SIAML Pension ETF 40, Lotus Halal Equity ETF, and NewGold ETF were among the top performers during the week, while the Meristem Value ETF and Meristem Growth ETF recorded the biggest losses.

ETF price movements on the Nigerian Exchange are often exaggerated by thin liquidity, with limited buying and selling activity causing prices to deviate from underlying asset values. The market capitalization increase reflects price movement rather than fresh capital inflows.

ETF Performance Breakdown

A closer look at ETF performance during the week reveals a wide gap between gainers and losers.

• The SIAML Pension ETF 40 recorded the strongest performance, rising 59.58% to close at N7,059.50, up from N4,423.67 the previous week. Its market capitalization also increased significantly to N41.77 billion, from N28.53 billion.
• The Lotus Halal Equity ETF gained 33.32%, closing at N128 from N96.01, while market capitalization increased to N4.69 billion.
• The NewGold Exchange Traded Fund advanced 13.95%, closing at N107,000 compared to N93,900 previously. Market capitalization rose to N5.77 billion.
• The Greenwich Alpha ETF gained 11.90%, closing at N783.30 from N700, with market capitalization increasing to N4.30 billion.
• The Stanbic IBTC ETF 30 posted a moderate gain of 5.16%, closing at N3,313.18 compared to N3,150.47 the previous week.
• The Vetiva Griffin 30 ETF also recorded a slight increase of 2.44%, closing at N79.90 from N78.

On the downside, several ETFs ended the week in negative territory.

• The Vetiva Banking ETF declined slightly by 0.58%, closing at N25.98, while the Vetiva Consumer Goods ETF slipped 1.82% to close at N54.
• The Vetiva S&P Nigeria Sovereign Bond ETF recorded a sharper drop of 11.31%, closing at N400 from N451.
• The Vetiva Industrial ETF fell 23.68% to N95.40 from N125.
• The Meristem Value Exchange Traded Fund dropped 27.82%, closing at N273.63, while its market capitalization declined to N3.32 billion from N5.05 billion.
• The Meristem Growth Exchange Traded Fund declined 27.84%, closing at N339 from N469.80, with market capitalization falling to N4.14 billion.

Liquidity Trends

ETF trading activity during the week reached 3.39 million units valued at N741.65 million.

• The Stanbic IBTC ETF 30 recorded the highest trading value at N302.57 million.
• This was followed by the Vetiva Griffin 30 ETF, which recorded N82.43 million in total transactions.
• The Vetiva Industrial ETF also saw notable trading activity, with transactions worth N61.25 million.
• In terms of trading volume, the Vetiva Banking ETF led the market with 1.65 million units traded, significantly higher than other ETFs.
• The Vetiva Consumer Goods ETF followed with 618,306 units, while the Vetiva Industrial ETF recorded 528,471 units traded during the week.

The strong performance of funds such as SIAML Pension ETF 40 and Lotus Halal Equity ETF suggests either institutional portfolio rebalancing or low trading activities rather than strong volume-driven demand.