The stock of First Asset Canadian REIT Income Fund (TSE:RIT) gapped up by $0.02 today and has $15.89 target or 8.00% above today’s $14.71 share price. The 7 months technical chart setup indicates low risk for the $179.40M company. The gap was reported on Nov, 28 by Barchart.com. If the $15.89 price target is reached, the company will be worth $14.35M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 14,925 shares traded hands. First Asset Canadian REIT Income Fund (TSE:RIT) has risen 1.74% since April 22, 2016 and is uptrending. It has underperformed by 4.28% the S&P500.
More notable recent First Asset Canadian REIT Income Fund (TSE:RIT) news were published by: Business.Financialpost.com which released: “Jonathan Chevreau: Why fund investors should get active with their ETFs” on September 08, 2015, also Theglobeandmail.com with their article: “If volatility is so low, why is portfolio risk so high?” published on August 28, 2016, Theglobeandmail.com published: “What investors should do about the Fed’s interest-rate conundrum” on August 21, 2016. More interesting news about First Asset Canadian REIT Income Fund (TSE:RIT) were released by: Forbes.com and their article: “Meet The Hedge Fund Activist Shaking Up The Market’s Best-Performing Asset Class” published on June 15, 2016 as well as Marketwired.com‘s news article titled: “Brookfield Canada Office Properties Reports First Quarter 2016 Results” with publication date: April 25, 2016.
First Asset Canadian Reit Income Fund , formerly First Asset REIT Income Fund, is a Canada closed-end investment trust. The company has a market cap of $179.40 million. The Fund’s investment objectives is to provide holders with the benefits of high monthly cash distributions together with the opportunity for capital appreciation through the active management of a diversified portfolio of real estate investment trusts (REITs) and real estate firms that are listed on Canadian stock exchanges. It has a 9.79 P/E ratio. The investment portfolio provides diversification among various real estate holdings, including apartment buildings, shopping centers, office buildings and nursing/retirement homes, among others.
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