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July 03, 2023
Following Friday's heightened trading volumes, Shaw Communications Inc., WPP plc, Chunghwa Telecom Co., Ltd. were the standout stocks.
A recap of Friday's session: Leading equity indices in the US rose as S&P 500 closed the day at 4,450.38, having gained 1.23%. Nasdaq ended the session at 13,800 after a 1.45% gain.
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:
Shaw Communications | 473% higher than rolling average
Shaw Communications Inc. hit a significant low of $24 around 8 months ago, but has since recovered 24.68%. The stock has been trending positively for about 3 months. The Canadian ISP's market cap currently stands at $14.94 billion with an average daily volume of 1.34 million shares.
Shaw Communications outpaced its average daily trading volume (1.34 million) with 6.35 million shares traded Friday.
WPP | 125% slightly greater than rolling average
With 189,313 shares traded Friday, WPP beat its daily average by 125% to cap off a frenetic trading day.
Over the past 4 months, the British ad agency has retreated 19.24% from a noteworthy peak of $63.4. On a negative trend for around 2 months.
Chunghwa Telecom | 193% above rolling average
Chunghwa Telecom went down to $37.29 (1.48%), adding to its 11 days of losses. Taiwan's largest telecoms provider has shed 5.19% over the past three months. Trending downwards for around a month. The company has a market cap of $28.93 billion with an average daily trading volume of 80,425 shares.
Friday's trading volume was 155,233 shares (surpassing the daily average by 193%).
— Average trading volume refers to a 21-day rolling average.
