Investors moved to snap up oil exploration stock Desire Petroleum this morning after the company confirmed further details of its exploration deal off the coast of the Falklands Islands.

Falkland Oil and Gas has entered into a deal with Desire to contract the Ocean Guardian rig to drill an exploration well in the East Falklands Basin in the early part of this year.

‘Spudding’ – the commencement of drilling - is due to comment next week despite the ongoing tensions between the UK and Argentinean governments over shipping restrictions and permit requirements.

As a result, purchase activity in Desire Petroleum accounted for 12.5 per cent of all activity in this morning’s trades at TD Waterhouse. The share price closed up nearly 8 per cent at 117.0 pence (1635hrs)

Trading activity in Barclays, meanwhile, slowed slightly, with the banking stock accounting for 32.6 per cent of the morning’s top ten sells compared to yesterday’s 45.4 per cent.

Today’s top ten buys board takes a more unfamiliar shape with the banks not dominating the top three for the first time in weeks.

Lloyds Banking Group remains in first place (26.1 per cent), but Desire Petroleum (12.5 per cent) take joint second place with Barclays (12.5 per cent) followed by Cove Energy Plc (7.9 per cent).

TD Waterhouse
Top ten trades
19 February 2010 (morning session)

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Buy
1. Lloyds Banking Group, 26.1 per cent
2. Desire Petroleum, 12.5 per cent
3. Barclays, 12.5 per cent
4. Cove Energy, 7.9 per cent
5. Petropavlovsk, 7.6 per cent
6. Royal Bank of Scotland Group, 7.3 per cent
7. Xstrata, 6.9 per cent
8. GlaxoSmithKline, 6.6 per cent
9. Rockhopper Explora, 6.3 per cent
10. Kazakhmys, 6.3 per cent

Sell
1. Barclays, 32.6 per cent
2. Lloyds Banking Group, 14.3 per cent
3. Royal Bank of Scotland, 10.7 per cent
4. Solo Oil, 7.8 per cent
5. Cove Energy, 7.5 per cent
6. Desire Petroleum, 5.9 per cent
7. Xstrata, 5.5 per cent
8. Gulf Keystone, 5.2 per cent
9. Inchcape, 5.2 per cent 
10. BT Group, 5.2 per cent