An interesting report from paddypowertrader shows clients piling into banking equities
“We have seen a steep increase in clients spread betting on equities in the past couple of days. At the top of the list this week is Bank of Ireland, due to its weaker than expected year end results. Allied Irish Bank, Royal Bank of Scotland, Barclays and Alliance & Leicester, are all also attracting a lot of attention in the market” said Davin McAnaney, of paddypowertrader.
“As the global credit crunch continues, many banks are announcing discounted rights issues. The mixed forecasts in the banking sector have highlighted banking equities, particularly Irish banking equities, as a growth area for retail investors and financial spread bettors.
“We have seen the number of trades in banking stocks more than double compared to regular trading activity. Knowledgeable spread bettors have been taking both long and short positions with the prices of banking shares following the market peaks and troughs.
“The movements of the banking institutions and their shares are definitely hitting the headlines and leading many traders to take a position in the hope of taking profits. Bank of Ireland has announced pre-tax profits to the end of March of more than €1.9bn - a rise of 6%. Despite this the bank has said the global economic down-turn has affected a number of areas of its business. This sort of new is offering a range of opportunities to savvy spread bettors” concluded McAnaney.
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**Prices quoted at 11.30am, 28-May-08
'Banking Stocks Spreads with paddypowertrader' by paddypowertrader, updated 29-May-08
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