The Greenwich Alpha Exchange Traded Fund (ETF) emerged as the best-performing ETF on the Nigerian Exchange (NGX) in July 2026, posting a 30.41 per cent monthly gain to lead a broad-based recovery across the market segment.
Data compiled by Nairametrics Research from NGX trading activities showed that nine of the 12 listed ETFs recorded price gains during the month, one closed flat, while two ended lower, signalling a reversal from the broad correction that characterised the latter part of the first half of 2026.
Overall, ETF trading volume stood at 12.74 million units, with transactions valued at N2.39 billion across the 12 tracked funds.
Despite the rebound, analysts noted that ETF prices on the NGX do not always mirror the underlying value of their assets because the market’s relatively low liquidity can create significant deviations from net asset value (NAV), making sharp price movements more reflective of trading activity than changes in underlying fundamentals.
Greenwich Alpha ETF led the gainers after rising 30.41 per cent to close at N917.98 from N703.92 at the end of June. Its market capitalisation increased to N5.27 billion from N4.04 billion.
The Vetiva Banking ETF followed with a 28.29 per cent gain, closing at N31.06 from N24.21, while its market capitalisation rose to N1.98 billion from N1.54 billion.
The Vetiva Industrial ETF advanced 24.68 per cent to N135.90 from N109.00, lifting its market capitalisation to N226.39 million from N181.58 million.
Meristem Growth ETF gained 19.28 per cent to close at N149.99 from N125.75, raising its market capitalisation to N2.01 billion from N1.69 billion as it continued to recover from heavy losses recorded during the first half of the year.
The SIAML Pension ETF 40 appreciated by 18.98 per cent to N3,103.00 from N2,608.10, with its market capitalisation climbing to N20.01 billion from N16.82 billion. The fund also crossed the N20 billion market capitalisation mark for the first time, retaining its position as the second-largest ETF on the NGX.
The NewGold Exchange Traded Fund rose 15.31 per cent to N110,000.00 from N95,399.00, increasing its market capitalisation to N5.87 billion from N5.09 billion.
Other gainers included the Lotus Halal Equity ETF, which advanced 6.50 per cent to N130.00; the Vetiva Consumer Goods ETF, which gained 4.07 per cent to N58.00; and the Meristem Value ETF, which added 1.41 per cent to close at N140.00, extending the recovery of the Meristem fund family after steep first-half losses.
The Vetiva S&P Nigeria Sovereign Bond ETF closed virtually unchanged at N249.00 from N248.99, with its market capitalisation remaining broadly stable at N876.57 million.
On the downside, the Vetiva Griffin 30 ETF declined marginally by 0.56 per cent to N106.00 from N106.60. Despite the dip, it retained its position as the largest ETF by market capitalisation at N15.31 billion.
The Stanbic IBTC ETF 30 recorded the month’s steepest loss, falling 9.62 per cent to N2,800.00 from N3,098.00, reducing its market capitalisation to N9.58 billion from N10.59 billion.
In trading activity, the Stanbic IBTC ETF 30 recorded the highest transaction value at N823.92 million despite trading only 328,569 units, reflecting its relatively high unit price. It was followed by the SIAML Pension ETF 40 with N335.33 million and the Vetiva Griffin 30 ETF with N321.23 million.
By trading volume, the Vetiva Banking ETF led the market with 5.73 million units exchanged, followed by the Vetiva Griffin 30 ETF with 2.91 million units and the Vetiva Consumer Goods ETF with 1.33 million units.
The NewGold ETF remained the least traded by volume, with only 3,139 units exchanged during the month. However, its high unit price generated transaction value of N291.37 million.
Despite its July decline, the Stanbic IBTC ETF 30 remained the top-performing ETF for the first half of 2026, having returned 219.64 per cent after closing June at N3,098.00 from N969.22 at the beginning of the year.
Overall, 10 of the 12 tracked ETFs posted gains during the first half of 2026, with returns ranging from 15.01 per cent to 219.64 per cent. Only the Meristem Value ETF and Meristem Growth ETF ended the half-year in negative territory, declining by 63.65 per cent and 70.41 per cent respectively, before both staged partial recoveries in July.
Boluwatife Enome
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