Tencent Music Entertainment Group, Bilibili Inc., BCE Inc. had the highest volumes Friday.
Friday's session summary: Leading equity indices in the US declined as Dow Jones lost 0.9% and ended the session at 33,476. S&P 500 closed at 3,934.38, a 0.73% change.
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.
Though trading was down Friday, some communication services stocks reached high volumes. Here is an update.
Tencent | 242% higher than rolling average Full steam ahead for Tencent (+2.24%) as a 3 day uptrend continues
Friday's trading volume peaked at 42.68 million shares, thereby blitzing the daily average of 17.65 million by 242%. Tencent has posted further gains as part of a 3 day trend that has already seen the stock gain 69 cents. Tencent stayed on track Friday: Tencent closed at $8.21 Friday after ranging between $7.9 and $8.27.
Approximately 3 days ago, the music stream service reached a significant high of $8.21 but has struggled to hold onto its gains and declined 2.19% since then. The Nasdaq has been doing worse in 2022, it has been passing it by 63.96%. Tencent has a market cap of $13.92 billion with an average daily trading volume of 17.65 million shares. Tencent is forecasted to generate revenues of $6.21 billion and EPS of 8 cents.
Bilibili | 146% above rolling average Bilibili closes at $25.41 after gaining 8.59%
With 24.38 million shares traded Friday, Bilibili beat its daily average by 146% to cap off a frenetic trading day. Bilibili has posted further gains as part of an 11 day trend that has already seen the stock gain $11.07. Friday's session pointed in the same direction — having closed Thursday at $23.4, bullish sentiment helped Bilibili to reach highs around $26.3 before paring gains and ending Friday at $25.41.
The Chinese video community enabler is up 162.33% from the significant low of $8.92 it hit a month ago. So far in 2022, it has been doing worse than the Nasdaq by 1.22%. Bilibili is currently trading with a market cap of $9.73 billion with an average daily volume of 16.75 million shares. Bilibili expected revenue of $5 billion with an EPS of -77 cents.
BCE | 257% higher than rolling average BCE sheds 0.56% within $46.37 to $46.87 daily range
With 2.94 million shares traded Friday, BCE beat its daily average by 257% to cap off a frenetic trading day. Having fallen 98 cents in 8 days, Friday's session continued the recent downtrend: grinding lower but with no clear-cut direction, the Canadian telecoms company closed the session at $46.4 after forming a distinct $46.37 – $46.87 range.
The Canadian telecoms provider has recovered 14.45% since descending to a significant low of $40.77 around 2 months ago. So far in 2022, it has performed better than the Nasdaq by 32.65%. The company's market cap is $42.31 billion with an average daily volume of 1.15 million shares. BCE has a forecast of $4.42 billion with an EPS of 64 cents.
— Average trading volume refers to a 21-day rolling average.