Online traders focus on financials
The financial services sector was a key play for investors this week, according to online broker TD Waterhouse, which recorded a surge of activity in the sector. According to Angus Rigby, chief executive officer of TD Waterhouse, news of the various parties interested in Northern Rock, such as Sir Richard Branson’s Virgin consortium, rallied the share price of the lender. TD Waterhouse recorded a 40% increase in the price this week, compared to last week.
He continued: “Meanwhile, customers of TD Waterhouse chose to take profits from mortgage lender Alliance & Leicester this week as it appeared sixth on our Top 10 Sells. Yesterday’s trading statement reported sub-prime write downs which were lower than many had first feared, with news that profit would be ahead of the £598m consensus of analysts’ forecasts.”
Jarvis, an infrastructure support services group, was also of interest to TD Waterhouse’s online users during the course of the week.
Rigby said: “This week, it announced interim results for the half year ending 30 September 2007 and reporting losses at the pre-tax stage of £0.6m excluding exceptional charges of £2.7m. However, our customers were boosted by the group’s optimism over prospects in the rail renewal business and increased their exposure to the stock this week.”