NGX ETF Turnover Drops 31% to N815.90m as Investor Activity Weakens Across Major Funds

Trading activity on the Nigerian Exchange (NGX) Exchange Traded Fund (ETF) segment slowed sharply in the week ended May 22, 2026, as investor participation weakened across major funds. Total transaction value dropped by 31% to N815.90 million, down from N1.18 billion in the previous week.

Market data compiled from NGX trading activity showed that trading volume also declined, falling to 5.98 million units from 7.66 million units. The slowdown reflects reduced investor appetite, even as ETF performance remained broadly mixed across different sectors.

The week recorded a balanced but uneven market outcome, with six ETFs posting gains while six others closed in the red. However, losses in heavyweight funds such as the Stanbic IBTC ETF 30, Greenwich Alpha ETF, NewGold ETF, and SIAML Pension ETF 40 weighed more heavily on overall market sentiment.

Among the gainers, the Meristem Growth ETF stood out with a strong 16.31% surge to close at N100.12, marking the sharpest weekly rise. It was followed by the Vetiva Griffin 30 ETF and Vetiva Banking ETF, which also posted modest gains, supported by increased market capitalization and selective investor demand.

On the losing side, pressure was most visible in gold and pension-linked funds, with the SIAML Pension ETF 40 recording the steepest drop of 18.18%. The NewGold ETF also fell significantly despite generating over N100 million in value from minimal trading volume, highlighting how thin liquidity continues to distort price movements across the ETF market.

Overall, analysts note that ETF price movements on the NGX often reflect trading activity more than underlying asset fundamentals, especially in less liquid funds. The latest figures suggest that while investor interest has not disappeared, it has become more cautious and highly selective across Nigeria’s ETF landscape.

source: nairametrics