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Investors shun banks and look to retail

Investors shun banks and look to retail

Category: Investments

Updated: 20/01/2011
First Published: 20/01/2011

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 It is now over 6 months old so the content may be out of date.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 turned away from banks last week, instead looking to add retail shares to their portfolios.

Broker TD Waterhouse said that Tesco was the most purchased equity in the week to 18 January, and accounted for almost one in five (18%) of all top ten buys over the period.

Investors snapped up shares in the supermarket giant after the retailer's share price fell by 4% after weaker-than-expected sales over the Christmas period.

Despite falling from the top buy spot, BP shares were also popular over the week, and were the second most purchased equity.

Shares in energy firms Atlantic Coal and Xcite Energy were also much sought after.

It was not such a good week for the UK's banks, as investors looked to offload shares in Lloyds Banking Group, Royal Bank of Scotland and Barclays.

The three banks took the top three spots in the 'sells' top ten, and actually accounted for more than half of all equity sales.

Barclays was the most sold equity in a week when it was hit with a multi-million pound fine by the Financial Services Authority for mis-selling funds to thousands of its clients.

Darren Hepworth, trading and customer services director at TD Waterhouse, said customer buys had climbed 13% in the week to 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," he added.

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 Any products featured may be withdrawn by their provider or changed at any time.

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