The April 2020 Stock Challenge has begun, and so far it’s off to a much better start than March; 122 of 219 Stock Challengers are currently in the green as opposed to 15 by last month’s end! Member ‘Brent Cranwill,’ who doubled down on Sona Nanotech Tech Inc. this month, is currently leading in first place with a return of 85.64%. Meanwhile, second place member ‘Nate6’ (67.59% return) is doing everything he can to keep third place member ‘firefly’ (64.47% return) at bay.
Now, let’s take a look at some of the biggest movers in Stock Challenge this Friday.
BetaPro Crude Oil 2x Daily Bull ETF Breaks out While Iventus Mining Breaks Down
BetaPro Crude Oil 2x Daily Bull
Oil prices rose on Friday following news that an OPEC+ meeting would be taking place to discuss output cuts, leading the BetaPro Crude Oil 2x Daily Bull ETF to spike 31.81% from C$6.79 to C$8.95. However, while the aforementioned OPEC+ meeting is certainly a step in the right direction, many have their doubts about its real impact on the oil market.
“While the [oil] industry may be able to slow the bleeding, any agreement is likely to be small—just enough to avoid a collapse.
That’s because negotiating the kind of supply cut needed to stabilize the market in the face of coronavirus shutdowns would be monumental. It might even need to be larger than the 10-15 million barrels per day Donald Trump suggested was coming last week.”
Iventus Mining fell from 16% from C$0.13 to C$0.10 on Friday. The company last announced on February 3, 2020 that it was commencing its 2020 winter exploration program on its 100%-owned Sudbury 2.0 Property.
“With our financing successfully complete, we are now well prepared to advance our projects. We have already mobilized our team on Sudbury 2.0, we are moving ahead with the property acquisitions announced in November 2019, and we intend to get started on our Pardo Paleoplacer project this spring,” commented Stefan Spears, Chairman and CEO.
Where Will April’s Stock Challenge Take Us?
Stock Challenge is off to a strong start this month, but the contest has only just begun — and there are plenty of economic challenges ahead. With nearly 3 billion people around the world under some form of quarantine lockdown, investors can expect to see numerous businesses throw in the towel and jobless claims grow in April. Already, 47% of respondents to a Covid-19 Business Impact survey conducted by the Edmonton Chamber of Commerce believe they will go out of business. Stock Challengers are sure to be tested this month, but we’re confident they’ll find a way to pull through!