Nigerian ETFs record mixed performance as SIAML Pension ETF 40 leads weekly gains

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.

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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.

What the data is saying

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.

Similarly, 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.
• Losses were more pronounced in some equity-focused ETFs. 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.

Similarly, 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.

**What this means **

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.

• At the same time, the sharp declines in the Meristem Growth ETF and Meristem Value ETF highlight the volatility that can affect equity-focused funds, particularly during periods of shifting market sentiment.
• The high trading activity recorded in the Stanbic IBTC ETF 30 indicates that investors remain actively engaged with broad market index funds, even when price movements are relatively moderate.

Overall, the mixed performance across ETFs suggests pricing inefficiencies and uneven liquidity across ETFs, rather than a clear directional shift in investor positioning.

**What you should know **

A recent Nairametrics report on ETF performance in February showed that most Exchange Traded Funds on the Nigerian Exchange posted significant losses despite strong gains in the broader equities market.

• According to data compiled by Nairametrics Research, total ETF trading value rose from N1.51 billion in January to N2.94 billion in February, while trading volume jumped from 6.3 million units to 18.6 million units during the period.
• Among the worst performers in February were the Meristem Growth ETF, which plunged 48.20%, and the Stanbic IBTC ETF 30, which fell 40.12%.
• The SIAML Pension ETF 40 also dropped 33.13%, while the Vetiva S&P Nigeria Sovereign Bond ETF declined 33.37% during the month.

Despite the widespread losses, a few sector-focused ETFs delivered positive returns. The Vetiva Consumer Goods ETF gained 15.88%, while the Vetiva Banking ETF rose 15.35%. The Lotus Halal Equity ETF also posted a 9.02% increase, suggesting that investors were leaning toward sectors considered more resilient amid market uncertainty.

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