News Corp, Shaw Communications Inc., News Corporation and others reached higher-than-usual trading volumes.
Yesterday's session summary: Markets did not have a clear cut direction — Nasdaq was down 0.18% before closing the session at 11,300. S&P 500 closed at 4,016.22 after a flat day.
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.
While trading was mostly sideways yesterday, several communication services stocks were actively traded. Here's an update:
News Corp | 527% above rolling average
The mass media and publishing company has gained 6.72% since its lowest print of $14.95 earlier this year. The stock has been trending positively for about a month. Currently, the media giant has a market capitalization of $11.96 billion with an average daily volume of 1.81 million shares.
Trading volume was 9.54 million shares yesterday — beating the daily average by a mammoth 527%.
Shaw Communications | 182% above rolling average
Shaw Communications has posted further gains as part of a 4 day trend that has already seen the stock gain $1.03. Yesterday continued on the same track for Shaw Communications — after ending Tuesday at $29.54, Shaw Communications went up to $30 only to drop back, yet still traded well overall and closed at $29.74 yesterday.
Shaw Communications had a compelling day yesterday, with 3 million shares traded helping the company surpass its average daily volume by 182%.
News Corp | 487% above rolling average
With 3 million shares traded yesterday, News Corp beat its daily average by 487% to cap off a frenetic trading day.
The US mass media and publishing giant has managed to gain 7.68% so far this year despite trading at lows around $15.27 previously. The stock has been trending positively for about a month. News Corp has posted further gains as part of a 4 day trend that has already seen the stock gain 85 cents.
The company trades at $20.86 ahead of quarterly performance report which is scheduled to be released Thursday.
— Average trading volume refers to a 21-day rolling average.