Franklin FTSE United Kingdom ETF FLGB is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 44.54% from its 52-week low price of $25.10 per share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.
FLGB in Focus
The underlying FTSE UK RIC Capped Index is a market-capitalization weighted index representing the performance of UK large and mid-capitalization stocks. The product charges 0.09% in annual fees (see: all European Equity ETFs).
Why the Move?
The UK’s benchmark index, the FTSE 100, climbed to a new record high after softer domestic inflation data boosted expectations that the Bank of England could begin cutting interest rates as early as March.
More Gains Ahead?
Currently, FLGB has a Zacks ETF Rank #3 (Hold). It might continue its strong performance in the near term, with a positive weighted alpha of 30.89 (as per Barchart.com), which gives cues of a further rally.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
