Sells increase as FTSE rebounds from 10-month low

Customers lock in gains in BP stock; Sells in Barclays more than doubleAngus Rigby, Chief Executive Officer, TD Waterhouse comments: "Sell trades increased this week as the FTSE 100 sank to a 10-month low on Thursday (1st July) before recovering as investors shrugged off concerns about the pace of the economic recovery. Banks and oil exploration companies remained popular trades in the week ended 6th July, though BP (BP) maintained its position at the top of the buys list, and moved to the top of the sells, as the stock rallied amid speculation a sovereign wealth fund may take a stake in the company.

"Sells in Barclays (BARC) more than doubled, propelling the bank up to third position on our top ten sells, after the company held an investor day on Wednesday (30th June) to discuss its global retail banking businesses. Buy trades in the stock fell overall, though it held on to second position in the top ten buys as Mediobanca analyst Christopher Wheeler suggested Barclays should sell its investment banking and wealth management divisions and become a ‘pure' retail bank.

"Oil exploration stocks were the next most-popular sector as drilling in the South Atlantic and North Sea came under the spotlight. Rockhopper Exploration (RKH) remained a popular sell trade after the company said that samples from its Sea Lion prospect off the Falklands have been confirmed as medium-grade crude oil, at the same time as directors in the company increased their personal holdings.

"Meanwhile, trading in Falkland Oil & Gas (FOGL) increased as the AIM-listed explorer said it expects to announce results from its Toroa well, also off the Falklands, in the week commencing 12th July. Trading in Encore Oil (EO) slipped from last week though the company remained in both top ten lists as partner Premier Oil upgraded the estimate of reserves at their Catcher discovery in the North Sea. A new entry in our top ten buys was joint ASX and AIM-listed explorer Range Resources (RRL) after the company released an update on its Russell Bevly #1 appraisal well in Texas."