Saga sharedealers snap up bargain banking shares

Saga has revealed that, rather than panic selling in light of recent stock market volatility, it’s customers have demonstrated their resilience by taking the opportunity to add to their portfolios and snapping up a potential bargain.

During the last 48 hours the most frequently traded shares on the Saga Share Direct service, used exclusively by over 50s, were banking stocks with 80% of trades being purchases rather than sales.

Lloyds, RBS, Northern Rock and Barclays all featured in the top 5 shares traded. The volume of trading in bank stocks suggests that Saga customers are seeing the sector’s recent volatility as an opportunity to pick up some bargains with a medium-to-longer-term view.

Andrew Goodsell, Chief Executive of Saga commented “Saga customers using the share-dealing service have the seen volatility in the markets before and are using the fluctuation in share prices to expand their holdings by buying low priced stock”.