Election fever has spread to the markets as TD Waterhouse announces this week’s top ten buys and sells.
According to TD Waterhouse in their ‘election special’ the news of Britain’s political deadlock follows falls on the US and Asian stock markets due to concerns that the ongoing debt crisis in Greece could have a knock on effect on the global economic recovery.
This week Lloyds Banking Group replaced The Royal Bank of Scotland Group as the number one buy and Barclays also moved above RBS in the buys list
Angus Rigby, Chief Executive Officer, TD Waterhouse said: “The markets have been anticipating today's election result for some time and a quick look at our early trading activity shows that our customers have continued their buying trend.
“Lloyds Banking Group replaced The Royal Bank of Scotland Group as the number one buy as it completed its first issue of residential mortgage-backed securities in two years, with a £3.4 billion offering that attracted strong demand from investors and bolstered the bank's balance sheet.”
Mining companies also featured strongly among the top ten with Xstrata plc the fifth most-bought stock, while Rio Tinto Group was sixth.
TD Waterhouse say this is because customers took advantage of declines in shares of both companies after the Australian government announced plans to impose a 40 per cent tax on miners' profits.
BP also jumped up in the buys table after the company's shares fell on concerns about the oil spill off the US coast, increasing trading acidity.
New entries included HMV Group plc , which was the tenth most-bought stock.
© Fair Investment Company Ltd