For investors seeking momentum, Global X MSCI Norway ETF (NORW - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 34.6% from its 52-week low price of $10.87/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed.
NORW in Focus
This 61-stock fund looks to track the MSCI Norway IMI 25/50 Index. The expense ratio of the fund is 0.50%. Energy, Financials, Consumer Staples and Materials are the top four sectors of the fund (see all European Equity ETFs here).
Why the Move?
An oil and aluminum prices rally boosted the fund as such stocks occupy the major portion of the basket. Aluminum is on a tear thanks to U.S. President Donald Trump’s sanctions against Russian aluminum company Rusal Plc. And oil prices have been on an uptrend on news of a drop in U.S. oil inventory and chances of an extension in Saudi-led OPEC output cut deal.
More Gains Ahead?
The fund has a Zacks Rank #3 (Hold). It seems that it might stay strong in the near term given a positive weighted alpha of 31.20. As a result, there is still some promise for investors who want to ride on this surging ETF.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
For investors seeking momentum, Global X MSCI Norway ETF (NORW - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 34.6% from its 52-week low price of $10.87/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed.
NORW in Focus
This 61-stock fund looks to track the MSCI Norway IMI 25/50 Index. The expense ratio of the fund is 0.50%. Energy, Financials, Consumer Staples and Materials are the top four sectors of the fund (see all European Equity ETFs here).
Why the Move?
An oil and aluminum prices rally boosted the fund as such stocks occupy the major portion of the basket. Aluminum is on a tear thanks to U.S. President Donald Trump’s sanctions against Russian aluminum company Rusal Plc. And oil prices have been on an uptrend on news of a drop in U.S. oil inventory and chances of an extension in Saudi-led OPEC output cut deal.
More Gains Ahead?
The fund has a Zacks Rank #3 (Hold). It seems that it might stay strong in the near term given a positive weighted alpha of 31.20. As a result, there is still some promise for investors who want to ride on this surging ETF.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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