TD customers sell bank shares
Darren Hepworth, Trading and Customer Services Director, TD Waterhouse comments: "Top ten sells of bank shares by TD Waterhouse customers jumped by 142% this week in the wake of the US Federal Reserve's decision to embark on a second round of quantitative easing. The announcement lifted the FTSE to a two-year high and gave all three banks a short-term share lift. Overall top ten trading by our customers was up 37% in the week ended Tuesday 9 November.
"Barclays (BARC) sells more than tripled, propelling the bank from seventh to top of the sells table. Barclays announced a 76% drop in quarterly profits on 9 November, but insisted that its capital ratio remains strong. Lloyds (LLOY) remained in second place among the sells, after seeing its QE2-related share bump dissipate as it announced 420 job cuts. Royal Bank of Scotland (RBS) sells more than doubled, moving the bank from fifth to fourth in the sells table, as the part-nationalised bank announced a £1.15bn quarterly loss.
"Oil explorers remain a popular buy trade amongst our customers. Xcite Energy (XEL) replaced Desire Petroleum (DES) as the most bought stock this week, up from fourth place, as the North Sea-focused oil explorer revealed that its 9/3b-6 well on the Bentley field was progressing on plan, on schedule and had reached target depth for the second part of the planned work programme, sending shares soaring 31%.
"Gulf Keystone Petroleum (GKP) rose from fifth to third among the buys as management officially denied press speculation that an offer had been made for the AIM-listed oil explorer, which operates in Iraqi Kurdistan and Algeria. Berkeley Mineral Resources (BMR) rose from tenth to sixth in the buys and entered the sells in ninth after reassuring investors that its proposed acquisition of tailings dumps at the Kabwe mine in Zambia remains on track.
"In other sectors, Rolls Royce (RR) entered the buys in tenth in a week when two mid-air malfunctions of Rolls Royce A380 engines caused planes to make emergency landings. Finally, directories company Yell Group (YELL) reentered the buys in seventh after reaffirming EBITDA guidance for full year 2011 and unveiling Michael Pocock as its new CEO, starting January 1 next year."