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FTSE 100 FALLS BELOW MA5 DUE TO SHELL’S HISTORIC DIVIDEND CUT -

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    • FTSE 100 FALLS BELOW MA5 DUE TO SHELL’S HISTORIC DIVIDEND CUT
30-Apr
21:28 IST

FTSE 100 futures are currently trading at 5882.7-lower by 3.40% as compared to the previous closing. The contract closed in the positive territory in the last trading session.

In the cash markets, the FTSE 100 dropped 3.50% at the time of writing. The index opened in positive territory as market participants cheered signs of progress in developing a treatment for the China-linked virus.

The index dropped today after Shell cut its dividend in the face of a decline in crude demand due to the pandemic.

Royal Dutch Shell today cut its dividend for the first time since World War Two. The company also suspended the next tranche of its stock buyback program. Shell lowered oil and gas output by nearly a quarter after its net profit halved in the Q1.

The index has recovered around 24% from an eight-year low it hit in the last month.

Reckitt Benckiser advanced 3.06% after reporting strong demand for its Lysol disinfectants and Dettol soap in the first quarter. It now expects its earnings in 2020 to be better than its previous estimates.

Lloyds Banking Group dropped 7.57% after the company saw its pretax profit all but wiped out in the Q1.

Stocks of Sainsbury’s dropped 3.59% after the company estimated a hit of 500 million pounds from the costs of dealing with the pandemic.

AstraZeneca rose 2.13% after the company said it will make and distribute the pneumonia-causing virus vaccine.

The midcap index FTSE 250 was down 2.30% at the time of writing.

Housebuilders were trading lower on Thursday. Taylor Wimpey and Barratt Developments lost 5.09% and 4.58% respectively at the time of writing.

Other top losers in the FTSE 100 include Standard Life Aberdeen (down 4.92%), BP (down 5.58%), and Schroders (down 5.08%) at the time of writing.

On the data front, Nationwide HPI is scheduled to be released on Friday. The HPI is expected to rise by 2.5% on a year-on-year basis.

On the technical front, the RSI is currently at 52.87% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Sell at 5887. Take Profit at 5817. Stop Loss at 5922

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