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Investors chase commodities as FTSE soars

Investors chase commodities as FTSE soars

Category: Investments

Updated: 11/02/2011
First Published: 11/02/2011

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 It is now over 6 months old so the content may be out of date.

Investors have chased commodities over the last week as the FTSE 100 rose to its highest level for almost three years.

Figures from TD Waterhouse show that shares in oil and mining companies were the most popular shares in the week to 8 February, accounting for almost six in ten buys.

"The resources sector pushed the FTSE 100 back above the 6000 mark closing at 6091.33 on February 8 - its highest level since May 2008," said Darren Hepworth, trading and customer services director at the trading broker.

Encore Oil, Range Resources and BP took three of the top five spots in the most sold stocks table, while Centamin Egypt held its place in the top ten in seventh place, despite the ongoing unrest in Egypt.

Lloyds Banking Group held its position as the most purchased stock, although it also appeared in second position in the top ten sells table.

Barclays was the most sold stock in the week, while Royal Bank of Scotland also featured in the top ten sells.

In total, the three banks made up almost half of the top ten most sold stocks in the week, as the Government announced it would increase the bank levy to £2.5 billion this year.

Meanwhile, in retail, investors may have been looking for a bargain, as Tesco squeezed into the top ten buys table.

"The company's share price plunged 6.1p to 396p February 8 on news that Marks and Spencer (M&S) has nabbed Laura Wade-Gery, former chief executive of Tesco.com, to work on the M&S board as executive director of multichannel and e-commerce," said Mr
Hepworth.


Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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