- The most traded stocks reflect the maximum volumes.
- They also help determine the bullish or bearish trend of the market.
- They also indicate sells and buys on the stock market as the price is looked at simultaneously.
Stocks that were prominent today for their volumes were the ones that witnessed the maximum sells, therefore were in red. The NZX 50 benchmark index was also down by 1% at 12.439 at the time of writing.
Let’s look at why the investors are taking a sell decision on these stocks
Meridian Energy Limited (NZX: MEL)
MEL also reported strong volumes on Thursday. Throughout the week also, MEL’s volumes were high. The volumes today were 2,240. 349. The stock was down 1.31% at 5.280. The price of the stock reflected more sells than buys. MEL recently announced its monthly operating report, which was not very encouraging.
Auckland International Airport (NZX:AIA)
It was also one of the most traded stocks, reflecting volumes at 2,118.756. The stock was down by 4.08% at NZ$7.415 intra-day. Recently, the Company announced the final quotation date for Auckland International Airport Limited (“AIA”) bonds series (“AIA130”) would be Friday, 28 May 2021.The final day of trading will be 14 May 2021. This could be the reason why investors wanted to sell before the bonds are suspended on Friday.
Contact Energy Limited (NZX:CEN)
The volumes reported by CEN were also very high at 2,100,193. The stock was trading down by 0.13% at NZ$7.600. Contact Energy stock also witnessed several sells on Thursday. Recently, the Company had reported that that Black Rock had offloaded its holding in the Group and it had a substantial holding. CEN did not look promising even in its March earnings report.
My Food Bag Group Limited (NZX:MFB)
The stock witnessed the maximum volumes at 1,879,727 trades. The stock closed flat at NZ$1.440. As the stock price indicates, there were more sells than buys that took the number of its trades up. Recently, the Company had announced the resignation of its senior member, Louise Cunningham, who was the Chief Marketing and Customer Officer. Her last day at MFB is 16 July 2021. She has been a part of transformation in the Company.
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The a2 milk Company (NZX:ATM)
ATM was reflecting high volumes on Thursday at 1,839,244 stocks. The stock price was down by 3.87% at NZ$ 5.960. The Company recently announced that its sales had dipped substantially in FY21 due to daigou issue. Even though its 1HFY21 results were strong, despite COVID-19 disruptions, its sales figures for the whole year showed a marked decline. It also announced that it did not see the situation improving till the first quarter of 2022.
Precinct Properties (NZX:PCT)
PCT also reflected strong volumes intra-day. The volumes were to the tune of 1,527, 959. The stock was down 1.22% at NZ$1.620.
Also Read: Precinct Properties Provides Quarterly Report For December 2020
PCT recently announced the sale of its ANZ Centre. It said that the conditions for the sale were satisfactory and the settlement would happen in May 2021. Prior to the settlement, investors were on a sell mode.
Spark New Zealand Limited (NZX:SPK)
SPK also traded high volumes on Thursday. Its volumes were high at 1,381, 075. The stock price indicated more sells as it was down by 1.10% at NZ$4,490. Spark is a telecom company, which is high growth due to its involvement in New Zealand’s 5G roll-out plans. In March, it had announced its DRP in which the price for each share was fixed at NZ$4.4372.