Biggest winners in markets this week
By Eliman Dambell
As the invisible war waged on, so did the market volatility and trading and investment opportunities surrounding it. We saw huge moves in Commodities, Stocks and currencies in the past weeks. This week was no exception. With the second week of earnings season in full force, more of the world’s biggest companies continued to release their Q1 performances, of which there were many surprises.
So who are the biggest winners this week so far. Not only in stock trading but across all instruments.
This weeks Winners
After trading at continuous lows over the past few months, many would have thought crude oil prices at some stage would find support. However instead of a floor in the price being found, markets simply continued to slip, hitting negative prices for the first time in history, when it came to the futures price for May. Spot markets also felt the full force of the drop, going to as low as $3 per barrel. The Coronavirus pandemic has meant the world’s demand for Oil has diminished, with a reported 30% fall. This along with an over supply of the commodity created a chaotic mix which sent prices tumbling.
However after such a fall to begin the week, many would have already begun writing the eulogy, however the “death of Oil” was somewhat premature. After ending Tuesday trading at a low of $2.98, crude rallied by $10, trading as high as $12.8 per barrel, in the biggest 2 day rise in price ever in this market.
As the world has been told to stay at home, with bars, restaurants and cinemas all closed, the need for alternative forms of entertainment, Netflix was also to be one of the markets success stories in these times of turmoil.
The company reported its biggest ever quarter with over 16 million new subscribers from January – March. Netflix who originally projected around 7 million new paying subscribers reported first-quarter earnings of $709 million, or $1.57 a share. On the initial announcement shares in the streaming giant shut up by close to 9% in market trading.
Of the news, a Netflix executive stated, “During the first two months of the Q1, our membership growth was similar to the prior two years, Then, with lockdown orders in many countries starting in March, many more households joined Netflix to enjoy entertainment ”
Although the current times and conditions within markets are unprecedented, and have caused historical levels of bearish movement. Not only within financial markets, but everyday life, with many out of work as employers can no longer afford wages. The story of Oil in particular shows that what may seem like it can only continue to get worse, could turn around just as fast.