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June 30, 2023HollyFrontier Corp, Cabot Oil & Gas Corp, Sasol Limited and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as Dow Jones closed the day at 34,122, having gained 0.8%. S&P 500 gained 0.45% and closed at 4,396.44.
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:
HollyFrontier | 119% slightly above rolling average
Trading volume peaked at 4.78 million shares yesterday, thereby obliterating the daily average of 4 million by 119%.
Cabot Oil & Gas Corp | 219% above rolling average
Cabot Oil & Gas Corp outpaced its average daily trading volume (8.56 million) with 18.76 million shares traded yesterday.
Sasol | 146% above rolling average
Trading volume was 419,100 shares yesterday — beating the daily average by a mammoth 146%.
Sasol has shed $11 points and is languishing 47.09% lower over the past year, leaving its yearly highs around $23.23 in the rear-view mirror.
— Average trading volume refers to a 21-day rolling average.
