- BJK rose 2.0% Friday and was trading about 5.3% above its 200-day simple moving average
- BJK jumped 8.2% over the past month and was up 3.9% year-to-date
- The gaming ETF enjoyed a bump Friday after Macquarie Research upgraded the Macau casino industry to Neutral
A gaming-related exchange traded fund has moved back above its long-term trend as the gambling industry regains its winning streak, with one analyst turning slightly more optimistic on Macau’s casinos.
The Market Vectors Gaming ETF (NYSEArca: BJK) rose 2.0% Friday and was trading about 5.3% above its 200-day simple moving average. BJK jumped 8.2% over the past month and was up 3.9% year-to-date.
The gaming ETF enjoyed a bump Friday after Macquarie Research upgraded the Macau casino industry to Neutral, anticipating this year’s gross gaming revenue to only dip by 6%, compared to previous forecasts of a 13% decline, reports Shuli Ren for Barron’s.
Wynn Resorts (NasdaqGS: WYNN) bounced 5.6% Friday on the improved outlook.
Deutsche Bank’s Carlo Santarelli also maintained a Buy rating on WYNN, citing positive long-term prospects, reports Monica Gerson for Benzinga.
BJK includes a 3.6% tilt toward WYNN and 1.2% in Wynn Macau. Additionally, the ETF includes a 10.9% tilt toward China.
Macquarie attributed the more optimistic outlook to China’s residential real estate investment growth, the country’s import value growth and the diminished impact of the anti-corruption campaign that crippled the market.