Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded a broadly negative performance in the week ended April 24, 2026, with the SIAML Pension ETF 40 leading the losers after plunging 40.29% to N7,343.15, as all tracked ETFs closed in the red.
Data compiled by Nairametrics Research from NGX trading activity shows that while total trading volume increased week-on-week, the total value of transactions declined, indicating reduced participation in higher-value trades despite increased activity.
The negative performance was widespread across all ETFs, with no fund recording gains during the period.
The sharp declines seen in major ETFs such as Meristem Growth ETF and Lotus Halal Equity ETF highlight the weak market sentiment and sustained sell pressure.
ETF price movements on the NGX may not fully reflect underlying asset values, as relatively thin liquidity can cause significant deviations from net asset value (NAV). Consequently, sharp price swings are often influenced more by trading activity than by changes in the fundamentals of the underlying assets.
ETF performance during the week was marked by steep losses across all funds, with several ETFs reversing gains recorded in the previous week.
ETF trading activity showed mixed liquidity trends during the week. Total volume traded rose to 7.76 million units, up from 6.74 million units recorded in the previous week. However, the total value of transactions declined to N916.11 million from N1.06 billion, reflecting weaker participation in high-value trades.
A previous report by Nairametrics highlighted that ETFs on the Nigerian Exchange had recorded a mixed performance in the previous week (ended April 17, 2026), providing context for the sharp downturn observed in the latest period.
