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Investors flock to black gold and financials

Investors flock to black gold and financials

Category: Investments

Updated: 06/05/2011
First Published: 06/05/2011

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 It is now over 6 months old so the content may be out of date.

Investors have looked to boost their portfolios with financials and oil stocks in recent weeks, against a backdrop of a rising FTSE 100.

Data from TD Waterhouse shows that from Wednesday 27 April oil companies accounted for over 50% of the top ten buys and nearly 60% of the top ten sells in the week ending Tuesday 3 May.

Solo Oil, BP, Nostra Oil and Chariot Oil & Gas all found favour with investors in the week.

Financials also attracted much activity with Barclays being the most purchased stock.

"It seems customers were hoping to pick up a bargain after the banking giant announced a 9% drop in pre-tax profits in the three months ended 31 March, compared to the same period the previous year," said Darren Hepworth, trading and customer services director at TD Waterhouse.

Lloyds Banking Group was the third most purchased stock during the period, having not appeared in the top tens the previous week.

The Group – which has announced that it has set aside £3.2 billion to pay PPI claims – was also the fourth most sold share in the last week, having been the most sold stock in the previous seven days.

Another banking group, Royal Bank of Scotland, appeared in the top ten sells at sixth spot, while insurance giant Aviva was the tenth most sold stock.

Pharmaceutical company, GlaxoSmithKline was the most sold stock in the week, as customers cashed in after it reported a 14% increase in first quarter profits.

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