TD customers cash in on banking bonanza

Angus Rigby, Chief Executive Officer, TD Waterhouse comments: "It's reporting season again giving TD customers an opportunity for some well timed trades, with the UK banks the pick of the bunch. Overall, the week buys and sells have almost leveled out, with buys just slightly (8%) ahead of sells. "The banks remain the most popular buy on the back of half year trading announcements. Buys in Lloyds were 25% higher than sells as customers looked to snap up shares ahead of its results announcement on Wednesday. The 43% state-owned bank accounted for 22% of the overall top ten buys and sells before it unveiled losses of £4bn for the first half of the year. In contrast, Barclays and HSBC climbed into the top ten sells as some customers cashed in on share price hikes after both banks posted buoyant results for the six months to June. Sells in Barclays were up 54% compared to last week. The bank's £3bn profits announcement caused its share price to jump more than 14% over the week, giving some customers a chance for serious profit taking.

"Our customers also took the opportunity to look outside the banking sector for this week's trading activity. Rexam, the plastics packaging and tin producer, is a new entrant in the tables at eighth place in the buys. Customers may have been enticed by the London-based tin can maker after it launched a rights issue in the hope of raising £334m after expenses last week in a bid to keep its investment-grade rating while reducing its debts.

"Meanwhile, TD customers seem have been quick to defend BAE Systems as the aircraft engineering firm landed in fourth place of the top ten buys. Although the defence company's share price began to fall at the end of last week, when the firm announced a £344m pre-tax loss for the half year to June, it has since started to take flight, perhaps on the back of anticipated growth - the company is reportedly set to announce two defense contracts with the US army that will bring in more than $2bn. The Hampshire-based firm remains positive for the full year after recently winning a contract to supply 112 Eurofighter Typhoon jets to several European nations."