UK Money News
27th March 2008
Investors turn to bank stocks
Investors are increasingly turning to bank stocks, seeking to profit from the recent spate of volatility in the sector.
Last week, HBOS stocks dropped 17 per cent in one morning, before staging a 15 per cent gain yesterday.
Developments such as these have fuelled trading in bank stocks, according to Angus Rigby, chief executive of TD Waterhouse.
He said: "Banks continue to be heavily traded by our customers looking to profit from the volatility the sector has been experiencing, fuelled by news such as the recent collapse of Bear Stearns in the US, which created a domino effect this side of the Atlantic."
Investors are also opting for commodities, Mr Rigby said, since these are perceived as a safe haven from the credit markets and the falling US dollar.
This has resulted in strong performance for stocks in miners BHP Billiton and Randgold Resources, which have ranked "high on our top ten buys", according to Mr Rigby.
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