09 October 2009 / by Rachael Stiles
The energy sector has accounted for the most shares to be traded at TD Waterhouse this week, pushing banking shares further down the ranks.
Amid speculation that oil prices will continue to rise, mining and energy shares both remained popular, with a share price peak at Gulf Keystone Petroleum helping it to take the top spot at TD Waterhouse cheap share dealing.
Angus Rigby, chief executive officer at TD Waterhouse said: “The oil and gas explorer accounted for 22% of the top ten sells as our customers may have been cashing in on its recent shares price hike.”
Explaining the 110p surge in its share price on Tuesday, Mr Rigby it followed the discovery of more oil in the Triassic section of its Northern Iraq-based well, in addition to the 2bn-4bn barrels of heavier oil previously discovered at its Shaikan-1 well.
“Developments have helped the company’s share price to rise by 33.11% over the past month,” he said.
Meanwhile, BAE Systems, the defence, security and aerospace firm, takes ninth place in the top ten sells this week, as it waits to find out whether allegations of bribery relating to overseas contracts will end up in court.
“The Serious Fraud Office (SFO) is seeking permission from the Attorney General to prosecute BAE over claims it paid backhanders to gain contracts in the Czech Republic, South Africa, Tanzania and Romania. The accusations, which have been strongly denied by BAE, could land the firm a fine of up to £1bn,” Mr Rigby explained.
Overall, trading increased slightly compared to last week, with investors buying 51 per cent more shares than they sold.
© Fair Investment Company Ltd