UK Equity ETF (FLGB) Hits New 52-Week High

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.