Tesla and Apple top list of bestselling stocks
Nasdaq-listed tech giants in favour among interactive investor customers as stock splits take effect.
1st September 2020 14:01
by Jemma Jackson from interactive investor
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Nasdaq-listed tech giants in favour among interactive investor customers as stock splits take effect.
Tesla (NASDAQ:TSLA) and Apple (NASDAQ:AAPL) topped the list of bestselling stocks on interactive investor, the UK’s second largest DIY investment platform, on Monday as stocks splits took effect.
With many turning to DIY investing rather than DIY on the home, it was a busy bank holiday Monday at interactive investor, with overall trades up 345% on last year’s bank holiday Monday.
Tesla, which was the most bought stock on Monday, split its stock 5-for-1 while Apple, which ranked second on the list, split its stock 4-for-1 in a move to make their share more affordable to everyday investors.
Richard Hunter, Head of Markets, interactive investor, says: “The simple idea is to make the shares more marketable, and usually with the retail investor in mind – and that certainly seems to have succeeded with ii customers.
“The stock split does nothing to the value of the company – for example, if you held 10 shares at a price of £1000, after a 100 for 1 split the price would be amended so that you might now own 1000 shares at the new price of £10 (the value of your shareholding is unchanged).
“It is therefore seen as a psychological move, helping investors get more “bang for their buck”, although nothing has changed – an investor with £10,000 to invest (in the above example) would be buying 1000 shares post-split, as opposed to just 10 shares pre-split.
“Also known as a capitalisation or scrip or bonus issue – but not to be confused with a right issue, where additional money is sought from existing investors.”
Myron Jobson, Personal Finance Campaigner, interactive investor, says:
“The August bank holiday is interesting as it is the only one that England, Wales, NI take but most of the rest of the world don’t (including Scotland) – that means many of the markets are open which is not the case for most of the other bank holidays. That also means that is quite a good one to compare year on year.”
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.
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Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.