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Coronavirus2 min read time

Market Update 7 April: Optimism in the markets

Global equities climbed yesterday on signs that the coronavirus outbreak may be stabilising in some of the worst-affected countries.

Portrait photo of a woman.

By Alexandra Morris Investment Director 7 April 2020

Monitors displaying stock market information are seen through the window of the Nasdaq MarketSite in the Times Square neighborhood of New York on Monday 6 April 2020. Global equities climbed on signs that the coronavirus outbreak may be stabilising in some countries. Photo: Bloomberg

Global equities climbed yesterday on signs that the coronavirus outbreak may be stabilising in some of the worst-affected countries.

Monitors displaying stock market information are seen through the window of the Nasdaq MarketSite in the Times Square neighborhood of New York on Monday 6 April 2020. Global equities climbed on signs that the coronavirus outbreak may be stabilising in some countries. Photo: Bloomberg

The oil price fell on Monday, reflecting investors' doubts as to whether Saudi Arabia and Russia will reach a supply deal to repair some of the damage to the sector caused by the price war and coronavirus pandemic. However, the optimism in the market on Tuesday is reflected in an increasing oil price.
The S&P 500 and Dow Jones were up 5.6% and 5.7% respectively yesterday.
The Oslo Stock Exchange closed up 2.3% on Monday and began the day on Tuesday up over two percent.
Denmark's government has announced that they will start to ease coronavirus restrictions after Easter provided that confirmed COVID-19 cases remain stable. They will start by opening kindergartens and primary schools for pupils aged up to 11. The country's borders will remain closed and they will continue to ban gatherings of more than 10 people.

SKAGEN Funds Summary

No major changes in the funds.
The PMs continue to focus on positioning their portfolios to mitigate the risk of absolute loss, but be ready for an upturn.
Focus on companies with strong balance sheets, for example companies with a strong cash position and/or a healthy debt position.
All funds continue to stay invested in the market, with a very liquid portfolio.
Some of the funds have added hotpots to their portfolio during this volatile period at good prices.

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