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iShares Global Energy ETF (IXC) Hits a 52-Week High
For investors looking for momentum, iShares Global Energy ETF (IXC - Free Report) is probably a suitable pick. The fund hit a 52-week high and is up 71.1% from its 52-week low price of $23.08/share.
Let’s look at the fund and its near-term outlook to gain an insight into where it might be headed.
IXC in Focus
iShares Global Energy ETF seeks to track the investment results of an index composed of global equities in the energy sector. It has an AUM of $2.24 billion and charges an expense ratio of 43 basis points.
Why the Move?
The energy space has been a prime investment area, holding the interest of market participants since the beginning of the year. Reopening global economies, accelerating coronavirus vaccine rollout and improving labor markets were adding to the sector’s strength. The rally in oil prices due to the Russia-Ukraine crisis raised the sector’s momentum. This is making funds like IXC an impressive investment bet.
More Gains Ahead?
It seems as if the iShares Global Energy ETF will remain strong, with a positive weighted alpha of 58.40, which gives cues of a further rally.