BP shares are still a top pick for Barclays Wealth investors looking to capitalise on the company’s stock.
As noise around the BP oil spill continues, investors are seeing buying opportunities in the company's shares, according to figures from Barclays Stockbrokers.
On 13 July, 23 per cent of all trades executed by Barclays Stockbrokers clients were in BP following a surge in investor confidence in BP after they hit the headlines again.
And shares rose yesterday after the oil giant agreed to sell $7 billion in assets to help pay costs stemming from the massive oil spill in the Gulf of Mexico.
The company’s share price had hit a 14 year low in the after math of the April disaster but the price has risen by 34 per cent in recent weeks, boosting investors’ confidence.
The news of BPs improved position will be welcomed by investors all over the UK after the BBC estimated that 18 million people in the UK either own shares of BP stock or pay into a pension fund that includes BP shares.
Paul Inkster, Head of Product, Barclays Stockbrokers, said: "Over the last week, we have seen clients continue to broaden their horizons looking for investment opportunities. The market volatility witnessed over the last few months may have made some investors take a more cautious approach to their FTSE investments, but this is certainly not putting them off trading - and many are still feeling confident the FTSE will deliver good returns over the next quarter. Trading in BP continues to dominate, and 16% of all trades executed by Barclays Stockbrokers clients on 19 July were in BP."
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