TD Waterhouse customers stay focused on banking and insurance

Angus Rigby, Chief Executive Officer, TD Waterhouse comments: "Growing confidence in the markets' recent rally continued to drive high volumes of trading this week.

Buy trades outnumbered sells by 27% as financial stocks continued to lead trading activity with two thirds (66%) of overall top ten trades.

"The main contrast to this trend focused on Barclays, with sells in the bank up by 25% compared to last week's buys. TD Waterhouse customers were possibly looking at the bank's recent hike in share price as an opportunity to grab some profit. Shares in Barclays climbed steadily throughout the week to close at 294.75p on Tuesday following news that the banking giant is considering selling its asset management arm, Barclays Global Investors, for around £6.5bn. Overall trades in Barclays accounted for more than a fifth (21%) of all top ten trades and more than a quarter (28%) of the top ten sells in particular.

"Although our customers were keen to sell Barclays, they were in a buying mood when it came to Royal Bank of Scotland (RBS) and Lloyds Banking Group, which claimed 28% and 22% of the top ten buy trades, respectively. Customers may be hoping for possible future gains as talks of selling off the Government's stakes in both banks are said to be underway much earlier than expected. Customers bought almost a third (32%) more trades in Lloyds than they sold as the 43% state-owned bank launched its £4bn rights issue, pricing new shares at 38.43p. The placing will mean existing shareholders will hold 0.6213 shares for each share already owned.

"Meanwhile, the insurance sector continues to thrive claiming more than a quarter of the total top ten trades (27%) excluding banking trades. Aviva accounted for more than half of all the top ten insurance sector trades (53%) after reaching a payout deal on two of its UK life funds. However, the funds' one million policyholders stand to receive around half of the amount they had expected under the new orphan assets deal. The insurance giant is celebrating a recent upgrade from ratings agency Moody's to Aa3 with an A1 on its guaranteed senior debt based on its strong franchises and good quality corporate bond portfolio.

"Finally, newcomer Johnstone Press has crept into the top ten sells this week as its share price continues to fluctuate rapidly. Taking 12% of the top ten sells (excluding banking trades), the newspaper publisher's shares wobbled after announcing that operating profits for 2009 will be nearer the lower end of expectations."