TD customers turn to retail as banks struggle
Darren Hepworth, Trading and Customer Services Director, TD Waterhouse comments: "Customer buys increased once again on last week's, climbing 13% in the week ending 18 January. The rise came against a backdrop of a 31-month spike in the FTSE 100, which closed at 6056 points (on January 18) on the back of positive company updates and despite a rise in inflation.
Tesco tops buys, as BP steadies FTSE
"Tesco (TSCO) entered the buys table in first place accounting for 18% of the top ten buys this week. The giant-retailer's share price dropped 4% on January 13 after it reported slower-than-expected sales for the Christmas period, however it later recovered from a low of 402.35p on January 14 to close at 409p (on January 18).
"Despite being knocked off the top spot in the buys by Tesco, BP (BP) was credited with ‘propping up' the FTSE 100 as it boosted the energy sector with news of a joint arctic exploration project with Rosneft.
"Meanwhile, National Grid (NG) entered the buys table in sixth position, hoping to hear positive news from a ruling in New York that could give the company the opportunity to improve the performance of its US business.
Banks struggle
"While Lloyds Banking Group (LLOY), Royal Bank of Scotland (RBS), and Barclays (BARC) occupied fifth, eighth and tenth places respectively in the top ten buys table, they also occupied the top three spots in the sells table, accounting for over 50% of the top ten sells overall. Barclays' share price dropped as the Financial Services Authority (FSA) imposed a huge fine on the bank for the mis-selling of funds to thousands of its clients.
"Besides the banks, some new entrants also appeared in both the buys and sells tables this week, including UK-headquartered coal-production company, Atlantic Coal (ATC), Central Rand Gold (CRND) and Desire Petroleum (DES). Atlantic Coal's share price rose rapidly following positive news on its growth, coupled with rising coal prices sparked by the impact of the Australian floods. Central Rand Gold's CFO said its shares increase - which outdid other more significant gold-mining companies - was possibly attributable to the retail markets."