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March 04, 2023
A busy day for Valvoline Inc., HollyFrontier Corp, Sasol Limited, being the prominent energy stocks displaying higher volumes than usual.
Here's an update with information from the last trading session: Leading equity indices in the US rose as S&P 500 closed the day at 4,045.64, having gained 1.61%. Nasdaq ended the session at 11,700 after a 1.97% 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 yesterday with some energy stocks recording abnormally high trading volumes. Here's a recap:
Valvoline | 171% above rolling average
Valvoline Inc. outpaced its average daily trading volume (1.66 million) with 2.84 million shares traded yesterday.
Over the past a day, the chemical manufacturing company has retreated 3.48% from a noteworthy peak of $37.03.
Valvoline discloses 12.5 cents per share dividend to be paid on Thursday, December 15th
HollyFrontier | 119% slightly greater than rolling average
Yesterday's trading volume peaked at 4.78 million shares, thereby blitzing the daily average of 4 million by 119%.
HollyFrontier has gained 23.12% over the past year, moving away from its yearly lows around $29.34. The stock has been trending positively for about 11 months.
Sasol | 148% higher than rolling average
Sasol is up 16 cents to $15.23, building upon four consecutive days of gains. The chemicals company is up 4.29% from the significant low of $14.45 it hit 4 days ago. On a negative trend for around a month. Currently, the chemicals company has a market capitalization of $9.76 billion with an average daily volume of 248,194 shares.
Sasol had a compelling day yesterday, with 367,001 shares traded helping the company surpass its average daily volume by 148%.
— Average trading volume refers to a 21-day rolling average.
