16 July 2010 / by Rachael Stiles
Trading in BP shares has doubled at TD Waterhouse share dealing this week.
In the week ending Tuesday 13 July, BP maintained its position at the top of the buys list as trading doubled.
BP stock rose 24 per cent during the week as the saga following the biggest oil spill in US history continues.
Share dealing customers reacted to developments in the saga throughout the week, which included a new cap being fitted to the well which is still spewing oil into the Gulf of Mexico, Abu Dhabi’s sovereign wealth fund reaffirming its interest in taking an equity stake, and the oil company’s partners refusing to help fund the clean-up operation.
These developments pushed overall trading in BP up by 116 per cent, with buys up 124 per cent and sells up 101 per cent.
Commenting on the week’s oil trading, Angus Rigby, chief executive officer at TD Waterhouse, said: “Oil explorers remained a focus as investors reacted to news from the Falklands South Basin. AIM-listed Falkland Oil & Gas (FOGL) saw its shares drop by more than half after it plugged and closed its Toroa well in the region, lifting the stock from sixth to second place on the buys list as overall trading in the oil explorer by our customer’s rose 70%.
“Meanwhile, promising resource estimates for sub-Saharan oil explorer Tower Resources (TRP) saw it make its debut in both the buys and sells list at seventh and eighth respectively.”
At TD Waterhouse in the last week, Falkland Oil & Gas took second place in the top ten buys between BP and GSK, while the top three sells included Lloyds, BP, and Barclays.
© Fair Investment Company Ltd