NGX ETF market records broad losses in April 2026

Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) recorded a broadly negative performance in April 2026, with the Meristem Growth ETF leading the losers after plunging 59.29% to N136.40, as eleven of the twelve tracked ETFs closed the month in the red.

The Vetiva Griffin 30 ETF was the sole gainer, posting a modest 3.24% increase to close at N97.

Data compiled by Nairametrics Research from NGX trading activity shows that total trading volume for the month reached 26.90 million units, with total transaction value amounting to N3.71 billion across all tracked funds.

ETF price movements on the NGX may not fully reflect underlying asset values, as relatively thin liquidity can cause significant deviations from net asset value (NAV).

Consequently, sharp price swings are often influenced more by trading activity than by changes in the fundamentals of the underlying assets.

ETF performance in April was marked by steep losses across nearly all funds, with double-digit declines recorded by ten of the twelve tracked ETFs, and two funds shedding more than half their value during the month.

ETF trading activity in April reflected the broader pattern of price weakness, with liquidity concentrated in a handful of funds while others recorded negligible volumes. Total trading volume across all twelve ETFs reached 26.90 million units, with total transaction value amounting to N3.71 billion for the month.

Nairametrics earlier reported that ETFs on the Nigerian Exchange recorded strong gains in March 2026, making April’s broad selloff a sharp reversal of the prior month’s momentum.

The April declines across these same funds suggest that the March rally attracted profit-taking and prompted investor caution heading into the new month, with the Meristem Growth ETF and Meristem Value ETF, which had already recorded losses of 48.46% and 54.72% in March, extending their weakness further into April.