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Hazer (ASX: HZR) shares rise 8% as hydrogen ETFs hit record highs

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NS Hazer Group Ltd (ASX: HZR) Shares rose 8.71% on Tuesday, rising to a nearly eight-month high of $ 1.435.

Hazer is developing a low-emission HAZER process that can effectively convert natural gas and similar raw materials into hydrogen and high-quality graphite for both vehicle fuel and energy applications.

Hydrogen ETFs hit record highs overnight

Global X has released hydrogen Exchange Traded Fund (ETF) On July 14, the transaction closed at US $ 23.93 per sheet.

ETFs have fallen 16% to a record low of $ 20.04 by October 6, in line with growing market sellouts due to factors such as the U.S. debt cap, China’s Evergrande crisis, and concerns about rising interest rates. bottom.

Since then, hydrogen ETFs have surged nearly 25% from their October lows and 5.67% last night, closing at a record high of $ 24.97 last night.

The surge in hydrogen ETFs could be a factor influencing the bullish performance of Hazer shares on Tuesday.

About hydrogen ETFs

Hydrogen ETFs are investing in companies that are “in a position to benefit from advances in the global hydrogen industry.”

This includes companies engaged in hydrogen production, hydrogen integration into energy systems, hydrogen fuel cell development, and other related technologies.

The top three holdings, which make up about 35% of net worth, include:

  • Hydrogen fuel cell developer Plug power
  • Developers and manufacturers of proton exchange membrane fuel cell products Ballad power system
  • Solid oxide fuel cell manufacturer Bloom energy

Interestingly, Bloom Energy’s share price soared 37.2% overnight after the company. Concluded a contract with a Korean industrial company SK Group..

Unfortunately, there are no hydrogen players listed on the ASX in ETFs.

Hazer stock snapshot

Hazer’s share price has risen 75% to date, most of which occurred between January and early February.

After trading sideways for most of the year, Hazer’s share price rose in October.

Hazer (ASX: HZR) shares rise 8% as hydrogen ETFs hit record highs

Source link Hazer (ASX: HZR) shares rise 8% as hydrogen ETFs hit record highs

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