ETF Outlook for the Week of May 5, 2014
Global X Nigeria Index ETF (NYSE: NGE)
The World Economic Forum is being held in Nigeria this week, which should be an honor and boost for the country. Unfortunately, a horrible kidnapping of over 200 girls--who remain missing--and a car bomb in the capital threaten to disrupt the meeting.
Many average Nigerians live in fear of an anti-west, extremist Islamic group that has been threatening their lives. What should be the country’s thriving oil business suffers from billions in corruption.
Despite all this, NGE is surprisingly up 10 percent from a mid-March low even though it is in the midst of a two-session losing streak. The ETF will likely be on the move again this week as the meeting puts more focus on the issues the government is dealing with on a daily basis.
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