The materials exchange traded fund (ETF) is starting to materialize after Monsanto (MON) lifted its 2008 profits forecast.
Materials Select Sector SPDR (XLB) rallied to its highest level in four weeks, reports Wangfeng Zhou for Thomson Financial. Shares of Monsanto, the ETF’s most heavily-weighted component at 15%, rose after the agriculture company raised its fiscal 2008 outlook.
The company said that specifically, there was increased confidence in its seed and traits business, in addition to strong performance of herbicide products such as the weed-killer Roundup.
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