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Financials dominate the trading agenda

Financials dominate the trading agenda

Category: Investments

Updated: 24/06/2011
First Published: 24/06/2011

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 It is now over 6 months old so the content may be out of date.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 major banking institutions dominated the trading agenda in the last week against the backdrop of the debt crisis in Greece .

Earlier in the week, finance ministers from around Europe warned Greece that it would have to implement a number of further austerity measures in return for a further multi-billion pound loan to stop the ailing nation sliding into bankruptcy.

With the crisis dominating the financial agenda, traders bought and sold shares in the banks in their droves, mindful of their exposure to the fortunes of the Greek economy.

In the week to Tuesday 21 June, Lloyds Banking Group led the way as both the most purchased and sold stock in the FTSE 100, figures from TD Waterhouse show.

Barclays was the second most purchased stock, with the Royal Bank of Scotland Group rising from tenth place to third place in the buys table.

It completed a 1-2-3 finish for the UK 's banks, although all of them also featured in the top ten sells table.

While Lloyds took top spot, Barclays was the third most sold stock, while Royal Bank of Scotland was the sixth most sold.

Highlighting the dominance of the banks amongst traders in the week, Darren Hepworth, trading and customer services director for TD Waterhouse, said: "There were two customer buys to every sell among the three banks, as they accounted for over 45% of our top ten buys and nearly 40% of the sells."

Since the figures were released, it has been announced that European Union leaders have agreed a £105 billion package for the Greek economy, as long as the country passes a number of measures next week.

Markets in the UK , France , Germany and the Far East all rebounded on the back of the news.

The UK will not have to dip into its pockets for the latest bail-out for the Greeks, after Prime Minister David Cameron argued that the countries in the eurozone should cover the costs.

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