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 MARKET REPORTS |
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Stocks
Top Ten CFD stocks for the week
Anthony Anderson, MF Global, September 05, 2008
We asked MF Global if we could take a peek into their CFD book for CFD traders’ most popular stocks. Prepared by Anthony Anderson, Senior CFD Broker, below are the top 10 most popular CFD trades for the week based on percentage gains and losses and the reasons why.
It was a tough week for resource stocks, and CFD traders were quick to trade on the short side. BHP Billiton, Fortescue Metals, Woodside Petroleum and Santos were all hit by shorting activity over this past week.
Commonwealth Bank was also squarely on the short list as the market digested reports that CBA approached HBOS to buy BankWest, on top of the 30% stake in Aussie Home Loans.
Profit taking over AMP occurred following a massive run – with several traders believing that this run might be enough for the short term.
Favourites this week on the buy side were News Corporation – driven by a weak Aussie dollar – and Woolworths, buoyed by the rate cut (good news for consumer related stocks).
MF GLOBAL TOP TEN STOCKS
Prepared by: Anthony Anderson, Senior CFD broker
Please note that these are not buy or sell recommendations; they are merely a list of the top trades based on volume for the previous week. This information does not constitute advice, and is intended as a reference only.
| Ranking |
Stock |
LONG/SHORT |
Reason |
|
no.1 |
BHP BILLITON LIMITED (BHP) |
LONG/SHORT |
Failed to break $42 mark and formed a double top. Tough week for resources as Ospraie Commodity fund collapses, however metal prices stabilised as week progressed and buying returned. |
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no.2 |
NEWCREST MINING (NCM) |
LONG |
After near 20% pullback in a few days trading traders felt it was the right time to venture back into the Newcrest pit. |
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no.3 |
TELSTRA (TLS) |
LONG |
Recent strong support for the stock continued as market sees Telstra frontrunner to build A$4.7 billion plus broadband Internet network in partnership with government. |
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no.4 |
FORTESCUE (FMG) |
LONG/SHORT |
News that up to 10% of the issued capital may be pulled back from stock lenders created a buying frenzy early in the week. This support soon dwindled however and the shorters gained the upper hand and drove stock neat $7.00 good support emerged around this level. |
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no.5 |
Commonwealth Bank(CBA) |
SHORT |
Market nervous as report suggests CBA has approached HBOS to buy BankWest. This is on top of 30% stake in Aussie Home Loans in the same week. |
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no.6 |
AMP Limited (AMP) |
SHORT |
AMP has had a massive run and several traders believed that might be enough for the short term. |
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no.7 |
Woodside Petroleum (WPL) |
SHORT |
Oil under pressure as world demand slows and Hurricane Gustav runs out of puff. Also double top just above $63 encouraged shorting. |
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no.8 |
SANTOS (STO) |
SHORT |
Fails to maintain $20 mark and as with Woodside, short sellers took control. |
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no.9 |
NEWS CORP (NWS) |
LONG |
Weak Australian Dollar helped this stock recover to multi month highs. |
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no.10 |
WOOLWORTHS (WOW) |
LONG |
Rate cut helped outlook for consumer related stocks. Company continues to report solid trading. |
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