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June 11, 2023
Take a look at the following communication_services stocks: Tencent Music Entertainment Group, Shaw Communications Inc., Telefônica Brasil S.A. and others showed higher volumes than usual.
Here's an update with information from the last trading session: Markets closed higher Friday, as Dow Jones gained 0.13% and closed at 33,877. Nasdaq closed the day at 13,259, having gained 0.16%.
Why trading volume matters?
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
Price action was mostly bullish Friday with some communication_services stocks recording abnormally high trading volumes. Here's a recap:
Tencent | 442% higher than rolling average
Tencent Music Entertainment Group hit a significant low of $3.61 around 7 months ago, but has since recovered 111.36%. The company is currently trading with a market cap of $13.35 billion with an average daily volume of 8.21 million shares.
Tencent outpaced its average daily trading volume (8.21 million) with 36.31 million shares traded Friday.
Shaw Communications | 473% above rolling average
Shaw Communications hit a significant low of $24 around 7 months ago, but has since recovered 24.68%. The stock has been trending positively for about 2 months. Shaw Communications's market cap currently stands at $14.94 billion with an average daily trading volume of 1.34 million shares.
With 6.35 million shares traded Friday, Shaw Communications beat its daily average by 473% to cap off a frenetic trading day.
Telefonica | 211% higher than rolling average
Friday's trading volume peaked at 3.46 million shares, thereby blitzing the daily average of 1.64 million by 211%.
The South American telecoms giant now trading 21.48% above its 3-month low of $6.49. Telefonica has posted further gains as part of an 8 day trend that has already seen the stock gain 96 cents.
Shareholders to attain annual dividend yield of 1.74% this year
— Average trading volume refers to a 21-day rolling average.
