The Virtus Equity & Convertible Income Fund (NIE) experienced a notable uptick in its price, driven by favorable market conditions for equity and convertible securities. The fund's performance is closely tied to the broader equity markets, which have been buoyed by investor optimism surrounding the holiday season and expectations of stable economic growth. Additionally, the fund's focus on convertible securities, which offer a blend of equity and fixed-income characteristics, may have attracted investors seeking diversification amid ongoing interest rate uncertainties. The Federal Reserve's recent indications of a steady interest rate environment have further supported the appeal of convertible securities, contributing to the fund's positive momentum.
The NIE ETF closed at $24.26, marking a 1.76% increase from the previous close of $23.84.