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Nigeria ETF Plunges To New All-Time Lows

Thursday, February 9, 2017 5:25
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Investors looking for ETFs with negative momentum should consider the Global X MSCI Nigeria ETF (NGE). This product just hit a new 52-week low of $3.97 on Wednesday, and is now down 48% from its 52-week high price of $7.64 per share.

Will this ETF continue its string of recent losses? Let’s take a closer look at the fund, its recent downturn, the category it resides in, and its ratings and outlook to get a sense of whether its momentum is sustainable or not.

Inside NGE’s Losses

As mentioned earlier, NGE has now lost 48% from its 52-week high, which was hit back on May 27, 2016. The fund has now returned -5.01% over the past month, -5.14% over the past three months, and -8.75% in the past six months. Those returns compare negatively to the benchmark S&P 500 index’s 1.23%, 6.55%, and 6.09% returns in the same periods, respectively.

A Look Under The Hood

Global X MSCI Nigeria ETF is an Equity-focused product issued by Global X Management. Its expense ratio of 0.93% makes it the #74 cheapest ETF among 77 total funds in the Emerging Markets Equities ETFs category.

NGE currently boasts just $27.95M in assets under management (AUM), placing it #49 of 77 ETFs in its category, and #1215 of 1916 total ETFs in the U.S. exchange traded universe.

The investment objective of the Global X Nigeria Index ETF is to provide investment results that correspond generally to the price and yield performance of the MSCI All Nigeria Select 25/50 Index. This Nigerian index has been hammered this year amid continued economic and political turmoil in the country.

NGE SMART Grade: More Losses Ahead?

NGE currently has an ETF Daily News SMART Grade of D (Sell), and is ranked #65 of 77 funds in the Emerging Markets Equities ETFs category.

A SMART Grade of D suggests very little future price growth potential, so it’s reasonable to expect even more losses ahead for this beleaguered fund.

For more information about this ETF, including full ratings, news, data, and more, please visit NGE’s ticker page.

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