Sell trades soar as bank shares perform strongly

Angus Rigby, Chief Executive Officer, TD Waterhouse comments: "Bank sells helped to drive TD Waterhouse customer trading volumes 18% higher this week, as stress tests of the UK's largest banks returned positive results and lifted share prices in the banking sector. Sells jumped 99% and outnumbered buys by three to two, as our customers reacted to a rising FTSE 100 in the week ended Tuesday 27th July.

"Bank sells more than tripled accounting for 61% of the top ten sells, as shares in the sector rose on the back of positive results from the Committee of European Banking Supervisors' stress tests in the sector and news that the Basel Committee on Banking Supervision plans to relax proposed regulation on bank capital and liquidity.

"Strong results from European banks also supported banking stocks as investors look forward to next week's interim results announcements from the UK. Lloyds (LLOY) was the most sold stock as its share price jumped 20%, in a week when it offloaded its Ecuadorian branch assets and liabilities. Barclays (BARC) was a close second on the sells list as its shares rose 19%, while RBS (RBS) remained in fourth place.

"BP (BP) led the buys list for the seventh consecutive week as the oil major announced a £11 billion second quarter loss - one of the largest quarterly losses in UK history - and the resignation of chief executive Tony Hayward. Oil explorer Gulf Keystone Petroleum (GKP) was the second most-bought and fifth most-sold stock, after it made early progress towards constructing production facilities in the Shiakan oilfield in Kurdistan, Iraq.

"Troubled social housing maintenance company Connaught (CNT) attracted our customers' interest, reentering the buys list in third place and the sells list in seventh, in a week when its share price plunged 67% after the firm warned that it urgently needed additional funding.

"Other entrants included retailer Marks & Spencer Group (MKS), which entered the top ten buys in eighth place as it opened a major distribution centre in Bradford, and UK software company Autonomy Corp (AU), which entered the buys list in seventh place after announcing strong second quarter earnings."