The stock of iShares S&P TSX 60 Index Fund (TSE:XIU) gapped up by $0.09 today and has $24.38 target or 9.00% above today’s $22.37 share price. The 5 months technical chart setup indicates low risk for the $12.79B company. The gap was reported on Nov, 30 by Barchart.com. If the $24.38 price target is reached, the company will be worth $1.15B 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 2.87M shares traded hands. iShares S&P TSX 60 Index Fund (TSE:XIU) has risen 8.93% since April 26, 2016 and is uptrending. It has outperformed by 3.71% the S&P500.
More important recent iShares S&P TSX 60 Index Fund (TSE:XIU) news were published by: Fool.ca which released: “Trim Your iShares S&P/TSX 60 Index Fund: Buy This Global ETF With Proceeds” on September 09, 2016, also Fool.ca published article titled: “S&P/TSX Composite versus S&P/TSX 60: Is it Time to Ride the Bigger Index?”, Fool.ca published: “New Investors: Should You Buy ETFs or Stocks?” on February 18, 2016. More interesting news about iShares S&P TSX 60 Index Fund (TSE:XIU) was released by: Theglobeandmail.com and their article: “Watch for changes to Canada’s biggest ETF as classification changes take hold” with publication date: September 01, 2016.
iShares S&P/TSX 60 Index Fund seeks to provide long-term capital growth by replicating, to the extent possible, the performance of the S&P/TSX 60 Index through investments in the constituent issuers of such index, net of expenses. The company has a market cap of $12.79 billion. The Index is comprised of 60 of the largest and liquid securities listed on the Toronto Stock Exchange (TSX), selected by Standard & Poor’s (S&P) using its industrial classifications and guidelines for evaluating issuer capitalization, liquidity and fundamentals. It currently has negative earnings. The S&P/TSX 60 Index covers approximately 73% of Canada’s equity market capitalization.
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