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May 01, 2023
Following Friday's heightened trading volumes, National Fuel Gas Company, Imperial Oil Limited, Antero Midstream Corporation were the standout stocks.
A recap of Friday's session: Leading equity indices in the US rose as Dow Jones gained 0.8% and closed at 34,100. S&P 500 ended the session at 4,169.48 after a 0.83% 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 energy stocks recording abnormally high trading volumes. Here's a recap:
National Fuel Gas | 287% higher than rolling average
Ending Thursday at $55.44, the diversified energy company rallied 0.83% Friday and stayed at the $55.9 level.
With 1.25 million shares traded Friday, National Fuel Gas beat its daily average by 287% to cap off a frenetic trading day.
Imperial Oil | 247% higher than rolling average
Canada's second-largest oiler has recovered almost all of its session losses after dipping down to $49.14 Friday.
Imperial Oil outpaced its average daily trading volume (382,193) with 944,858 shares traded Friday.
Antero Midstream | 224% higher than rolling average
Antero Midstream rallied 4.06% and ended the session at $10.76.
Friday's trading volume was 5.40 million shares (surpassing the daily average by 224%).
— Average trading volume refers to a 21-day rolling average.
