Here MarketWatch reports that Fidel Castro’s death is causing the shares of a Cuba related mutual fund to soar.
Investors in a fund with the ticker symbol “CUBA” cheered Monday, as the share price surged in active trade in the wake of Fidel Castro’s death over the weekend.
The Herzfeld Caribbean Basin Fund Inc. doesn’t directly invest in Cuban businesses, but it could if that becomes possible. In the meantime, it invests in companies that are likely to benefit from “economic, political, structural and technological developments” in the Caribbean Basin, according to the fund prospectus.
The closed-end mutual fund’s shares CUBA, soared 9.4% in morning trade but had pared earlier gains of as much as 17%. Volume topped 1.4 million shares within the first hour of the regular session, compared with the full-day average of just 27,500 shares.