BP shares have topped the buys table at TD Waterhouse as investors take advantage of the oil giants weakening position.
BP maintained first place in the top ten buys, with buy volumes increased by more than 50 per cent this week despite the decline in the company’s share price.
Yesterday BP shares plummeted by as much as 16 per cent following concern about the cost of dividend payments to shareholders.
BP, once Britain’s largest company, has lost almost half of its stock market value, about £56 billion, since the explosion on April 20 and shares in the company have been under renewed pressure this week after political pressure from President Obama.
The company is blamed on the cost of cleanup efforts in the Gulf of Mexico but it seems this is yet to deter our customers.
Angus Rigby, Chief Executive Officer, TD Waterhouse said: “Buys almost doubled this week, exceeding sells by more than two to one, with energy companies maintaining their popularity among TD Waterhouse customers led once again by super-major BP (BP) and Falklands-focused explorer Rockhopper Exploration.
Rockhopper also jumped to the head of the most-sold list knocking last week’s leader on the sells list, Lloyds Banking Group into third place.
The banking groups, RBS, Lloyds and Barclays, have seen their lead positions in the buys and sells tables pushed down over the last two weeks as investors concentrate on trading in oil stocks.
© Fair Investment Company Ltd