Notable ETF Movers of the Day 01/28: (OIH) Higher; (UNG) (XME) Lower
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Gainers:
Market Vectors Oil Services ETF (NYSE: OIH) gained 0.45 percent to 43.3. Overall it was a mixed day in the oil services sector, but healthy gains in Transocean Ltd. (NYSE: RIG) helped move the OIH higher. Shares of Transocean were lifted on reports activist Carl Icahn increased his stake in the firm and was pushing for a $4 per share dividend. Shares of Halliburton Company (NYSE: HAL) also moved higher, extending last Friday's gains.
Decliners:
United States Natural Gas ETF (NYSE: UNG) declined 4 percent to 18.7. The decline in UNG is in response to forecasts that predict warm weather on an extended outlook. While temperatures are seen cooling in the near term, the arctic blast is expected to be followed up by a sharp drop in temperatures. In response, nat-gas traders decided to book profits on a recent rally, sending natural gas futures prices to $3.3.
SPDR S&P Metals & Mining ETF (NYSE: XME) declined 2 percent to 43.8. Weakness hit names in the steel space, with shares of AK Steel Holding Corporation (NYSE: AKS) lower by 8.6 and United States Steel Corp. (NYSE: X) lower by 3.3 percent. The downdraft relates to a sector downgrade by analysts at Goldman Sachs. Considering weak flat steel prices, Goldman said it doesn't think a recent rally in AK Steel is warranted.
Market Vectors Oil Services ETF (NYSE: OIH) gained 0.45 percent to 43.3. Overall it was a mixed day in the oil services sector, but healthy gains in Transocean Ltd. (NYSE: RIG) helped move the OIH higher. Shares of Transocean were lifted on reports activist Carl Icahn increased his stake in the firm and was pushing for a $4 per share dividend. Shares of Halliburton Company (NYSE: HAL) also moved higher, extending last Friday's gains.
Decliners:
United States Natural Gas ETF (NYSE: UNG) declined 4 percent to 18.7. The decline in UNG is in response to forecasts that predict warm weather on an extended outlook. While temperatures are seen cooling in the near term, the arctic blast is expected to be followed up by a sharp drop in temperatures. In response, nat-gas traders decided to book profits on a recent rally, sending natural gas futures prices to $3.3.
SPDR S&P Metals & Mining ETF (NYSE: XME) declined 2 percent to 43.8. Weakness hit names in the steel space, with shares of AK Steel Holding Corporation (NYSE: AKS) lower by 8.6 and United States Steel Corp. (NYSE: X) lower by 3.3 percent. The downdraft relates to a sector downgrade by analysts at Goldman Sachs. Considering weak flat steel prices, Goldman said it doesn't think a recent rally in AK Steel is warranted.
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