Banks take a backseat to black gold in trading - Investments - News - Moneyfacts


Banks take a backseat to black gold in trading

Banks take a backseat to black gold in trading

Category: Investments

Updated: 13/01/2012
First Published: 13/01/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Banks took a backseat to oil in the last week's trading, although three of the UK 's banks still proved to be popular.

Trading was up by nearly 75% in total with buys increasing by over 95%, figures from TD Direct Investing show, while the FTSE 100 was down by just three points in the week ending Tuesday 10 January, closing at 5,696.

Gulf Keystone Petroleum soared to the top of both the buys and sells tables in the week, accounting for 60% of all top ten trades.

The Kurdistan-focused oil and gas explorer's shares spiked at 318.90p on Tuesday (10 January), a 45% increase on the previous week, as it became the subject of takeover speculation.

Hedge Fund Manager Man Group was the second most bought share in the week and the highest new entry to the top ten buys table, as analysts again urged caution on the sector against the continuing backdrop of economic difficulties in Europe .

Other new entrants included insurance giant Aviva which saw its share price rise on renewed bid speculation.

"Chinese insurance giant Ping An became the latest name to be talked about as a possible suitor for the UK's biggest insurer, as it finished the week at ninth in the buys," said Stuart Welch, CEO of TD Direct Investing.

Lloyds Banking Group was the most purchased stocks of the banks in the week, taking third place in the top ten sells table.

Barclays also featured in the top half of the table, as the fourth most bought equity, while Royal Bank of Scotland Group was the seventh most purchased share.

All three banks also featured in the top ten customer sells, with Lloyds Banking Group particularly prominent in second position.

Barclays wasn't too far behind as the third most sold stock, while Royal Bank of Scotland Group was the fifth most popular sell option.

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