Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded a strong recovery for the week ended March 18, 2026, with widespread gains across most funds.
Data compiled by Nairametrics Research from the NGX shows that trading activity remained active, with total ETF transactions rising to 6.79 million units, although total value traded declined to N649.50 million.
The week saw a sharp recovery in previously underperforming funds, with Meristem Growth ETF and Meristem Value ETF leading the gainers, while only a few ETFs closed in negative territory.
ETF price movements on the Nigerian Exchange continue to be shaped by limited trading activity, where relatively low trading volumes can significantly influence price swings and market capitalization.
The magnitude of the gains in Meristem Growth and Value ETFs point to liquidity constraints rather than a wider market shift.
What the data is saying
ETFs performance during the week shows recovery across most funds, with gains spread across both equity and sector-focused ETFs.
- The Meristem Growth Exchange Traded Fund recorded the highest gain, rising 32.71% to close at N449.90 from N339.00. Its market capitalization increased significantly to N6.03 billion from N4.14 billion.
- Similarly, the Meristem Value Exchange Traded Fund gained 32.26%, closing at N361.90 from N273.63, while its market capitalization rose to N4.82 billion.
- The SIAML Pension ETF 40 continued its strong momentum, advancing 26.79% to close at N8,951.03, up from N7,059.50. Its market capitalization increased sharply to N57.73 billion.
- The Vetiva Industrial ETF also posted a notable gain of 10.06%, closing at N105 from N95.40.
Moderate gains were recorded across several other ETFs. The Vetiva Consumer Goods ETF rose 5.56% to N57, while the Lotus Halal Equity ETF gained 5.55% to close at N135.10.
- The Stanbic IBTC ETF 30 increased by 5.28%, closing at N3,488.00, reflecting steady performance in broad market exposure funds. The Vetiva S&P Nigeria Sovereign Bond ETF gained 2.50%, while the Greenwich Alpha ETF recorded a marginal increase of 0.86%.
On the downside, only a few ETFs ended the week lower, indicating improved overall sentiment.
- The NewGold Exchange Traded Fund declined by 1.87%, closing at N105,000 from N107,000, reflecting slight profit-taking.
The Vetiva Griffin 30 ETF dropped 7.38% to N74, while the Vetiva Banking ETF recorded the steepest decline of the week, falling 9.12% to close at N23.61.
Liquidity trends
ETF trading activity during the week rose to 6.79 million units, although total transaction value declined to N649.50 million, suggesting increased volume in lower-priced trades.
- The Stanbic IBTC ETF 30 recorded the highest trading value at N180.53 million.
- This was followed by the Vetiva Banking ETF, which recorded N96.33 million in transactions, and the Vetiva Griffin 30 ETF with N74.09 million.
In terms of trading volume, the Vetiva Banking ETF led the market with 3.56 million units traded. The Vetiva Consumer Goods ETF followed with 1.28 million units, while the Vetiva Griffin 30 ETF recorded 938,076 units traded.
What this means
The notable recovery in ETFs, particularly the Meristem Growth and Value funds, suggests a correction from the sharp losses recorded in the previous week rather than a fundamental shift in investor sentiment.
- The widespread gains across multiple ETFs indicate renewed buying interest, although the concentration of volume in a few funds highlights persistent liquidity imbalances.
- The decline in transaction value despite higher volumes suggests that trading activity was skewed toward lower-priced ETFs, reinforcing the idea that price movements remain highly sensitive to liquidity.
The market continues to reflect short-term price adjustments and uneven participation rather than a clear directional trend.
What you should know
A recent Nairametrics report showed that ETFs on the Nigerian Exchange recorded mixed performance in the previous week ended March 13, 2026, with sharp gains in a few funds offset by steep losses in others.
During that period, the SIAML Pension ETF 40 led gainers with a 59.58% increase, while the Meristem Value ETF and Meristem Growth ETF recorded declines of over 27%.
Despite moderate trading activity of 4.4 million units valued at N741.65 million, the market reflected significant volatility driven by thin liquidity.
