An exchange traded fund that tracks rare earth metals and elements mining firms has been leading the market over the past week.
The Market Vectors Rare Earth/Strategic Metals ETF (NYSEArca: REMX) ended 3.4% higher Friday. The ETF has gained 10.1% over the past week, breaking above its short-term moving average.
Country allocations include Australia 19.6%, China 16.2%, U.S. 14.1%, Canada 10.2%, Japan 10.2%, Ireland 7.2%, South Africa 5.9%, France 5.5%, Chile 5.1%, Brazil 4.9% and Mexico 1.1%.
REMX’s top holdings include Iluka Resources 8.2%, Kenmare Resources 7.3%, Lynas Corp 6.9%, RTI International Metals 6.5% and Assore 5.9%.
Around 10.4% of REMX’s underlying holdings on a weighted basis have experienced insider buying within the past six months, according to Forbes.
Lynas Corp prices surged Thursday after the Malaysia’s election results favored the Australian miner, reports Simon Montlake for Forbes.