UK banking stocks remain in vogue with TD Waterhouse customers

Angus Rigby, Chief Executive Officer, TD Waterhouse comments: “The banking sector dominates our top ten trades this week accounting for over half (56.5%) of top 10 buys and two thirds (66%) of the top 10 sells.

Barclays, RBS and Lloyds TSB in particular were the three most traded stocks by our customers and all three banks keep the same top three buy positions they held last week.

“Barclays and RBS seemed to bear the brunt of continued volatility in the markets, exaggerated by predictions that they would have to raise more equity to strengthen their positions against the onset of a recession. Our customers were quick to react to market sentiment, placing the stocks at the top of both this week’s buys and sells.

“Severfield-Rowen Plc features high up in the top buy list this week, with one in every ten (10%) of our traders buying the stock. The British structural steelwork company warned growth this year would be at a lower level than its previous expectations, sending its shares down around 40 percent. Yet with a current total order book at a record 440 million pounds, the company said it was confident about the future.

“Elsewhere, Woolworths is the only retailer to make it into the top ten trades this week. Earlier this month, Woolworths' shares sank to an all-time low after its Christmas trading update revealed a poor festive season. The company has said it expects its retail unit to return to profitability later this year but that 2008 would be tough.”