Exchange Traded Funds (ETFs) on the Nigerian Exchange (NGX) saw a marginal decline in trading activity during May 2026, with total transaction value falling slightly to N3.67 billion from N3.71 billion recorded in April.
Data from the exchange showed that trading volume also eased to 25.92 million units from 26.90 million units in the previous month, reflecting a modest reduction in investor engagement within the ETF segment.
Strong Price Performance
Despite the softer trading volumes, the majority of ETFs delivered positive returns. Nine out of the twelve tracked funds closed the month higher, marking a clear turnaround from April, when almost the entire ETF market ended in negative territory.
Top Gainers in May:
– SIAML Pension ETF 40 posted the strongest performance, surging 15.63% to close at N6,809.
– Vetiva S&P Nigeria Sovereign Bond ETF gained 13.15% to N294.20.
– Meristem Value ETF rose 13.05% to N158.
– Vetiva Consumer Goods ETF advanced 11.55% to N56.
– Lotus Halal Equity ETF appreciated 8.24% to N130.
On the losing side, Meristem Growth ETF recorded the largest decline of 25.15%, closing at N102.10. Greenwich Alpha ETF and NewGold ETF also finished the month lower.
Key Trading Activity
The Vetiva Griffin 30 ETF led trading by value with N679.75 million, while the Vetiva Banking ETF dominated in volume with 9.52 million units traded. The Stanbic IBTC ETF 30 and SIAML Pension ETF 40 also saw notable activity.
Market watchers noted that due to relatively thin liquidity in the ETF space, price movements on the NGX often deviate from the actual net asset value (NAV) of the underlying assets. As a result, short-term price swings tend to be influenced more by trading flows than by changes in the fundamentals of the tracked indices or securities.
Outlook
The improved price performance across most ETFs in May suggests renewed investor interest in specific sectors, even as overall market participation softened. The data indicates that while trading volumes remain modest, selective demand for certain ETFs continues to support positive returns in an otherwise cautious equities environment.
