Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) experienced weaker trading activity in May 2026, with total transaction value falling to N3.67 billion from N3.71 billion recorded in April. Data compiled by Nairametrics Research from NGX trading activity indicates a marginal month-on-month decline in total trading volume as well, decreasing to 25.92 million units from 26.90 million units. This reflects a slight moderation in investor participation within the ETF segment.
Despite the dip in trading activity, the price performance of ETFs was broadly positive during May. Nine of the twelve tracked ETFs registered gains, while three funds closed lower. This marks a sharp turnaround from April, when nearly the entire ETF market closed with losses.
It is important to note that ETF price movements on the NGX may not always accurately reflect the underlying asset values due to relatively thin liquidity, which can lead to significant deviations from net asset value (NAV). Consequently, sharp price swings are often influenced more by trading activity than by fundamental changes in the underlying assets.
The SIAML Pension ETF 40 recorded the strongest gain, rising by 15.63% to close at N6,809, an increase from N5,888.48 at the end of April. Its market capitalization grew to N43.92 billion from N37.98 billion.
Following closely, the Vetiva S&P Nigeria Sovereign Bond ETF gained 13.15%, closing at N294.20 compared to N260 in April. Its market capitalization rose to N1.04 billion from N915.29 million.
The Meristem Value ETF advanced by 13.05% to close at N158, up from N139.76 in April, with its market capitalization increasing to N2.11 billion from N1.86 billion.
The Vetiva Consumer Goods ETF posted an 11.55% gain, closing at N56, while its market capitalization increased to N207.48 million from N185.99 million. The Lotus Halal Equity ETF rose by 8.24% to close at N130, with its market capitalization growing to N4.34 billion from N4.01 billion.
The Vetiva Industrial ETF also saw a gain of 6.43%, closing at N149, and its market capitalization increased to N248.21 million from N233.22 million. The Vetiva Griffin 30 ETF appreciated by 5.15% to close at N102, with market capitalization rising to N14.73 billion from N14.01 billion.
The Vetiva Banking ETF gained 4.21% to close at N25.01, while its market capitalization increased to N1.59 billion from N1.53 billion. The Stanbic IBTC ETF 30 rose by 3.54% to close at N4,089.90, compared to N3,950 at the end of April. However, its market capitalization declined sharply to N13.99 billion from N22.56 billion in April, a fall of approximately 38%. This significant drop is likely due to a substantial reduction in units outstanding during the month.
On the losing side, three ETFs closed the month in negative territory. Losses were concentrated in the Greenwich Alpha ETF, NewGold ETF, and Meristem Growth ETF.
