ETFs on the NGX (Nigerian Exchange) ended the week to April 24, 2026, on a broadly negative note, as sellers dominated trading and pulled all funds into losses.
Broad-Based ETF Losses Across NGX
The week began with cautious trading, but sentiment weakened steadily.
Investors pushed the SIAML Pension ETF 40 down by 40.29%, closing it at ₦7,343.15.
As a result, its market capitalisation dropped sharply to ₦47.36 billion from ₦79.33 billion.
Market participants also dragged other ETFs lower.
The Meristem Growth ETF lost 40% to close at ₦135.
Similarly, the Lotus Halal Equity ETF fell 21.66% to ₦155, while investors reduced its value to ₦5.18 billion from ₦6.61 billion.
In addition, the Vetiva S&P Nigeria Sovereign Bond ETF declined 17.99% to ₦269, and the Vetiva Industrial ETF slipped 13.33% to ₦130.
Across the board, traders pressured most funds downward.
The Greenwich Alpha ETF fell 6.27% to ₦1,134.10, while the Stanbic IBTC ETF 30 lost 5.29% to close at ₦3,900.
Likewise, the Vetiva Consumer Goods ETF dropped 5.11% to ₦52, and the Vetiva Griffin 30 ETF eased 2.16% to ₦90.01.
At the same time, the Meristem Value ETF edged down to ₦130.05, while both the Vetiva Banking ETF and NewGold ETF recorded marginal declines.
Thin Liquidity Amplifies Price Swings
Meanwhile, analysts linked the sharp price swings to thin liquidity across the ETF market.
Because trading activity remained limited, small transactions moved prices significantly away from underlying net asset values.
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In particular, the SIAML Pension ETF 40 illustrated this effect clearly.
It traded just 6,193 units during the week, and even minor trades pushed its price sharply lower.
At the same time, overall trading activity showed mixed signals.
Total volume increased to 7.76 million units from 6.74 million units the previous week.
However, investors reduced total transaction value to ₦916.11 million from ₦1.06 billion, signalling weaker participation in high-value trades.
Mixed Trading Value And Volume Trends
Notably, the Stanbic IBTC ETF 30 attracted the highest value traded at ₦180.79 million.
In addition, the Vetiva Banking ETF followed with ₦98.01 million, while the NewGold ETF recorded ₦92.90 million.
Furthermore, the Vetiva Banking ETF led trading volume with 3.68 million units.
The Vetiva Consumer Goods ETF followed with 1.52 million units, while the Vetiva Griffin 30 ETF recorded 839,621 units.
Finally, the market reversed the gains seen in the previous week ended April 17, when several ETFs posted strong performance.
Consequently, renewed selling pressure and weak liquidity drove the latest downturn across the sector.
