paddy power trader - Banking Sector
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BANKING SECTOR ROLLERCOASTER CREATES AN IDEAL OPPORTUNITY FOR SPREAD BETTORS
Paddypowertrader.com sees an increase in trading of banking equities as market speculation increases
Paddy Power’s new financial spread betting venture, paddy power trader has seen an increase in players diving into banking equities over the past week. Recent international market turmoil in the banking sector has encouraged speculation among spread bettors according to the online financial spread betting company.
"We have seen an increase in bets on equities. At the top of the list are Allied Irish Bank, Royal Bank of Scotland, Barclays and Alliance & Leicester, which are attracting a lot of attention in the market. As the credit crunch continues, many banks are announcing poor results while other banks still seem vulnerable. Spread bettors have really been able to gain from the see-saw movements in the market," said Davin McAnaney of paddy power trader.
"We have seen the number of trades on banks more than double compared to regular trading activity. Even though volatile markets such as these are difficult to predict, we have also seen a glut of clients taking profits from the rapidly changing markets. It’s a good time for spread betting as it offers much more diverse investment opportunities," he said.
"Savvy spread bettors have been going short or betting against a rise in prices of banking shares in the past number of weeks. Northern Rock was one example that earned spread bettors going short quite a bit of money. However, the opposite is true of Royal Bank of Scotland; it’s moving up on speculation of investment by the Qatari government. Shares are moving in a fast and furious manner.
"The write downs of banking institutions and the movement of their shares is definitely hitting the headlines and leading many spread bettors to take a position in the hope of winning big. As the markets continue to swing wildly on rumours of a US and global recession, we are likely to see more people spread betting." concluded McAnaney.
"paddy power trader - Banking Sector" written by RThomas, last updated 03-Mar-2008
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