NGX ETF Market Suffers Broad Losses as SIAML Pension ETF Drops 40% in Weak Trading Week

Exchange Traded Funds (ETFs) on the Nigerian Exchange (NGX) ended the week on a broadly negative note for the period ended April 24, 2026, as all tracked funds closed in the red. The worst-hit was the SIAML Pension ETF 40, which plunged 40.29% to close at N7,343.15, signaling a sharp shift in investor sentiment across the ETF market.

According to trading data compiled from NGX activity, the week was marked by rising trading volume but declining transaction value. This suggests that while more units were being traded, investors were participating less in high-value deals, pointing to cautious market behavior despite increased activity levels.

The downturn was widespread, affecting major funds such as the Meristem Growth ETF, which dropped 40%, and the Lotus Halal Equity ETF, which fell 21.66%. Other ETFs, including Vetiva Industrial ETF, Stanbic IBTC ETF 30, and Greenwich Alpha ETF, also recorded losses, reflecting a broad lack of positive momentum in the market.

Market analysts note that ETF prices on the NGX are often influenced by liquidity conditions rather than purely underlying asset performance. This means low trading activity in certain funds can exaggerate price movements, as seen in the SIAML Pension ETF 40, which traded just 6,193 units during the week—one of the lowest in the market.

Despite the weak performance, some ETFs such as Stanbic IBTC ETF 30 and Vetiva Banking ETF still attracted notable trading value, indicating selective investor interest. However, compared to the previous week’s mixed performance, the latest data points to a more risk-averse market environment, with investors scaling back exposure amid uncertainty.