BP shares still a top buy despite banking stocks regaining popularity

BP shares still a top buy despite banking stocks regaining popularity

30 July 2010 / by Lois Avery

BP shares slid at TD Waterhouse this week as the banks moved to regain their top spots.

Bank sells more than tripled accounting for 61 per cent of the top ten sells, as shares in the sector rose on the back of positive results from the Committee of European Banking Supervisors' stress tests in the sector and news that the Basel Committee on Banking Supervision plans to relax proposed regulation on bank capital and liquidity.

Although BP lead the buys list for the seventh week running, following the announcement of Tony Hayward’s departure and multi million pound pay off, following the ongoing oil spill crisis.

Angus Rigby, Chief Executive Officer, TD Waterhouse said: "Bank sells helped to drive TD Waterhouse customer trading volumes 18% higher this week, as stress tests of the UK's largest banks returned positive results and lifted share prices in the banking sector.

“Strong results from European banks also supported banking stocks as investors look forward to next week's interim results announcements from the UK.  Lloyds was the most sold stock as its share price jumped 20 per cent in a week when it offloaded its Ecuadorian branch assets and liabilities. Barclays was a close second on the sells list as its shares rose 19 per cent, while RBS remained in fourth place.”

Troubled social housing maintenance company Connaught attracted customers' interest, reentering the buys list in third place and the sells list in seventh, in a week when its share price.

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