New opportunities pique TD Waterhouse customer interest
Darren Hepworth, Trading and Customer Services Director, TD Waterhouse comments: "The banks account for almost half (47.7%) of this week's overall top ten trades, while energy and mining stocks dominated the sells in terms of volume of trades per sector. But while the banking and resource sectors continue to pique investor interest, new entrants from the IT, asset management and oil exploration sectors in this week's top ten tables suggest that TD Waterhouse customers are seeking opportunities beyond their usual favourites.
"Man Group (EMG), the world's largest listed hedge fund, entered the top ten sells table for the first time in eighth place, accounting for 7.5%. This was amid news on Tuesday that shareholders of New York based hedge fund GLG Partners have approved the sale of the company to Man Group in a deal worth $1.6 billion. The terms of the deal are that London-based Man Group will pay $4.50 per share for each GLG stock and exchange 1.0856 of its shares for each share held by the three GLG principals. The combined company will then manage about $63 billion in assets worldwide.
"Autonomy Corp (AUTNF), the UK's second largest software company is a newcomer in this week's top ten buys table. The stock dropped 16% (301p) to close at 1,551p as of 4.30pm last Wednesday (6 Oct) after lowering its forecast for full-year sales growth. Up until last Wednesday the Cambridge-based company's shares had gained 23% this year, but last week's announcement - that full-year revenue will be 3% lower than the current consensus, equating to growth of about 17% compared with a year earlier - caused its share price to plummet. This presents the biggest share price decline the company has seen in eight years.
"Leni Gas & Oil Plc (LGO) is a new entrant in both buys and sells tables this week. The company, which already has assets in Spain, the US Gulf Coast, Trinidad and Malta, was established by its shareholders to identify and acquire a number of projects in the oil and gas sector, with particular emphasis on projects that are in production or with previously explored hydrocarbons.
"Last week the company entered into agreement with Praxair España for a nitrogen enhanced oil recovery pilot project in Spain. Construction of facilities is expected to start at the end of 2010 with injection planned for the end of Q1 2011 and enhanced oil recovery performance evaluated during 2011. Leni Gas and Oil made a gross profit of £227,000 in the six months to the end of June 2010."