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TD Waterhouse customers capitalise on Citigroup share price hike and anticipate Legal and General losses

27 March 2009 / by Rachel Mason
Share sells have outweighed buys at retail stock broker TD Waterhouse this week as customers took advantage of recent share price volatility.

"It looks like TD Waterhouse customers are looking to capitalise on recent share price hikes with the top ten sells outweighing buys this week by 22 per cent," said Angus Rigby, CEO at TD Waterhouse share dealing.

Legal & General shares were some of the most traded following the announcement on Wednesday that it made a multi-billion pound loss in 2008 and was to cut dividend payments.

"Our customers seem to have correctly anticipated a drop in Legal & General's share price this week by accelerating sell activity before the company's pre-tax loss announcement on Wednesday," explained Mr Rigby.

"The stock climbed up one position in the top ten sells and down one position in the top ten buys to sixth place in both tables this week."

And, following the US bail-out plan announcement on Tuesday, Citigroup's shares jumped nearly 20 per cent, which in turn meant that Citigroup's sells were right up with TD Waterhouse customers, who are starting to really take advantage of markets outside the UK.

"The US bail-out plan announced on Tuesday has pushed Citigroup - a new entrant in last week's buys - into ninth place in this week's sells table," said Mr Rigby.

"Citigroup's share price jumped more than 19 per cent on Tuesday and active trading in the US bank's stock - which continues to hold seventh place in the buys table - suggests our customers are starting to seek out gains from beyond the UK market."

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