TD Waterhouse customers dig deep for profits

Angus Rigby, Chief Executive Officer, TD Waterhouse comments: "One of the biggest deals in corporate history became the latest victim of the global slowdown this week with BHP Billiton walking away from a £38 billion offer for its rival Rio Tinto. The world's largest mining company blamed falling commodity prices and the worsening economic climate for its decision. BHP shares went up after the announcement on Monday and this opportunity was pounced on by TD Waterhouse customers as they looked to take profits. Likewise, as Rio Tinto's shares went in the other direction our customers responded accordingly by buying up the stock and launching it into 3rd place in the top ten buys. However, Rio Tinto also features in the top ten sells as miners across the world have suffered from slowing demand, particularly in fast growing emerging economies.

"Unsurprisingly, Citigroup also entered the top ten buys after its recent plight sent shares tumbling throughout the last week. News of the US government's $20 billion bailout saw the market rebound strongly around the world and this was reflected in our customers' activity, with Citigroup moving into the top ten buys as confidence in the market started to return. This confidence was reflected in the banking sector in general, with banks making up half of the top ten buys.

"Retail stocks were buoyed this week after the announcement of the Pre-Budget Report, in particular the confirmation from Chancellor Alistair Darling that VAT will be cut from 17.5% to 15% until the end of next year. This move, made to save the consumer money, has only intensified the Christmas price war, with Tesco announcing that they will bring forward the VAT cuts and slash prices on 1000 items by up to 50% on Friday, stealing a march on high street rivals such as Marks&Spencer. TD customers would appear to have faith in these tactics as the supermarket giant has moved into 10th place in the top ten buys.

"One other major retailer and competitor to Tesco has not been so successful this week. Woolworth's shares were suspended on Wednesday morning, and by the evening it was announced that the 100 year old retailer would be going into administration. As recently as August the firm was prominent in both our buy and sell tables but faced mixed analyst reviews in the market."