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Banks top trades as FTSE 100 rallies

Banks top trades as FTSE 100 rallies

Category: Investments

Updated: 01/09/2011
First Published: 01/09/2011

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 It is now over 6 months old so the content may be out of date.

The UK 's banks dominated the agenda of traders in the week to Tuesday 30 August, as the FTSE 100 rallied from its low base.

With the index low, investors looked to snap up a bargain during the week, with buys out numbering sells by 1.5:1, with banks the main focus of traders.

The FTSE 100 gained on recent weeks after falling below the 5,000 mark against a backdrop of problems with the economy in the eurozone and riots across the UK to finish at 5,268.66.

Lloyds was the most purchased stock in the week, knocking Barclays off the top spot, according to TD Waterhouse.

A 1-2-3 finish for the banks was assured as Royal Bank of Scotland and Barclays were the second and third most purchased equities during the week.

The financial giants were also the third most sold stocks in the week, with Lloyds Banking Group, Barclays and Royal Bank of Scotland the first, second and third most sold stocks.

In addition, Aviva was the fourth most purchased buy trade in the week.

However, it was not just about financials as investors cast their nets wide, meaning there were seven new entrants across the buys and sells tables.

"Tesco entered our top ten buys table in seventh place ahead of the company's announcement yesterday (31 August) that the supermarket is to sell its underperforming Japanese business," said Darren Hepworth, trading and customer services director at the broker.

"CEO Philip Clarke stated that Tesco has been unable to build a sufficiently scalable business and that a formal sale process would take place in due course, with Tesco set to focus on alternative Asian growth markets."

Amongst the other well known names to feature in the top ten buys were Vodafone, which was the eight most popular buy, and oil giant BP, which was the sixth most common purchase.

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