BofA reports largest US equities inflows in 8 weeks By Investing.com

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BofA reports largest US equities inflows in 8 weeks

Published Apr 30, 2024 20:02

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BofA reports largest US equities inflows in 8 weeks

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Analysts at BofA said in its equity client flow trends note that last week, its clients were net buyers of US equities for the first time in five weeks, with the largest inflows seen in eight weeks.

The investment bank revealed that its clients bought both single stocks and ETFs (led by the former), with all client groups being net buyers.

"This was the second week of buying from both hedge fund and retail clients, and the first inflows in six weeks from institutional clients," analysts said in their note. "Clients bought large and small caps for a third consecutive week while they sold mid-caps."

The bank also highlighted "more near-record communication services inflows," with clients being buyers of the sector in 25 of the last 26 weeks, with last week's inflows the biggest since March and the seventh largest in the investment bank's data history in a week marked by better-than-expected 1Q results for the sector and Alphabet's dividend initiation.

"Clients bought Health Care stocks for a second week (biggest inflow since Jan.) after selling the sector since mid Feb," added BofA. "Energy has also seen accelerating inflows over the past four weeks."

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