Nigerian Stock Exchange Records ETF Surge as SIAML Pension Fund Hits 185% Gain

Festus Akanbi, with agency reports

The Nigerian Exchange recorded a dramatic turnaround in its Exchange Traded Funds (ETFs) segment in March 2026, as a sharp wave of investor demand lifted prices across the board, reversing the widespread losses seen in the previous month.
At the centre of the rally was the SIAWML Pension ETF 40, which surged an extraordinary 185 per cent month-to-date, underscoring renewed appetite for listed funds.

According to reports, data compiled from trading activity on the NGX showed that most ETFs closed the month with strong gains, pointing to a clear rebound in market sentiment and improved liquidity conditions compared to February.
The breadth of the rally was notable, with only a handful of funds ending in negative territory.
Leading the charge, the SIAML Pension ETF 40 rose from N5,014.96 to N14,270.58, pushing its market capitalisation to N92.04 billion from N32.35 billion, the strongest performance among all listed ETFs.

Close behind was the NewGold ETF, which jumped by 179.28 per cent to close at N186,000.25, as its market value climbed to N9.93 billion from N3.56 billion.
The Stanbic IBTC ETF 30 also delivered an impressive return, gaining 155.57 per cent to settle at N5,000, with market capitalisation rising sharply to N28.56 billion from N11.18 billion.

Similarly, the Greenwich Alpha ETF advanced by 115 per cent to close at N1,290, further reinforcing the broad-based nature of the rally.
Mid-tier funds posted more measured, but still solid, gains. The Vetiva Industrial ETF and Vetiva Griffin 30 ETF rose by 29.28 per cent and 28.71 per cent respectively, reflecting steady investor interest in diversified and sector-based instruments.
However, the bullish run was not uniform. Several ETFs recorded losses, suggesting ongoing portfolio adjustments and profit-taking by investors.
 The Vetiva Banking ETF remained largely flat with a marginal dip of 0.06 per cent, while the Lotus Halal Equity ETF declined by 1.45 per cent to close at N143.
More significant declines were recorded in the Vetiva Consumer Goods ETF, which fell by 14.63 per cent, and the Vetiva S&P Nigeria Sovereign Bond ETF, which dropped by 18.50 per cent.

The steepest losses came from the Meristem Growth ETF and Meristem Value ETF, which shed 48.46 per cent and 54.72 per cent respectively, reflecting sustained sell-offs and weak demand in those segments.

Market analysts say the March performance signals a strong rebound in trading activity, driven largely by price momentum and improved investor confidence.

Yet, the scale of gains in some of the top-performing ETFs has raised questions about the role of liquidity, with indications that price movements may not be entirely anchored on underlying fundamentals.

The widespread gains nonetheless suggest a market regaining its footing after a difficult February, when most ETFs posted losses ranging from single digits to as high as 48 per cent amid weak sentiment.

Key funds such as the SIAML Pension ETF 40 and Stanbic IBTC ETF 30 had come under heavy pressure during that period, mirroring broader market weakness.

Even so, the current rally appears fragile. Analysts caution that ETF prices remain highly sensitive to shifts in demand and trading volumes, with the recent divergence between top gainers and laggards pointing to a market still undergoing rebalancing.

For now, however, March’s performance has injected fresh optimism into the ETF segment, offering investors a glimpse of recovery, even as questions linger over the sustainability of the surge.