Shares in RBS and Lloyds are among the most popular for investors hoping to snap up bargains after heavy stock market falls in recent weeks.
Figures from pension and ISA platform interactive investor (ii) also show that Scottish investment trusts dominate the most actively bought investments list in March.
Lloyds was the most bought share on ii’s platform during the month, followed by BP and Shell. RBS came in at nine in the top 10.
Baillie Gifford’s Scottish Mortgage Trust was the most purchased investment trust, maintaining the top spot it has remarkably held for every month since February 2014, except once. The high profile trust has seen its share price increase by more than 500% in the 10 years to the end of February.
Dundee’s Alliance Trust climbed six places into third position while another Baillie Gifford trust, Monks, has risen to sixth from 10.
Richard Hunter, head of markets for interactive investor, says some investors are seeing the 27% fall in the FTSE 100 in the year to date as an “unusual buying opportunity”.
In the year to date Lloyds shares are down 54%, RBS 60% and BP 24%.
“In addition to these lower price levels, the top 10 is also a representation of stocks which traditionally lean towards being higher dividend yielders. In more recent days, however, this insurance has evaporated as many companies have chosen to defer or cancel dividends, either for financial prudence or because of regulatory pressure,” said Hunter.
None of the three banks which make the top 10 – Lloyds, Barclays and RBS – will be paying dividends in the immediate future.
