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Highlights
- Many stocks earned high trading volumes on the NZX on 17 January.
- Promisia Healthcare was the highest traded stock of the day.
- Meridian Energy was the second most traded stock of the day.
The number of stocks traded on a specific day is referred to as the trading volume of stocks. Active stocks are bought and sold on a regular basis, meaning that their trading volumes are substantial. These stocks often have many shares in circulation.
Encouraging news about a firm, such as a tender offer, a new product launch, favorable performance, or solid economic news impacting a certain industry, might attract investors. As a result, there might be a lot of trading volume and price volatility, making for exceptionally active stocks.
Let's look at 2 NZX stocks that saw the highest trading activity on Monday.
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Promisia Healthcare Limited (NZX:PHL)
Aged care provider Promisia Healthcare was the most traded stock of the day, reporting a trading volume of 19,250,000. On 17 January, PHL ended the trading session at $0.001, down 50%.
The Group inked a deal to purchase Aldwins House in Christchurch on 23 December.
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PHL’s wholly owned subsidiary Aldwins House Limited has struck a deal with its landlord Teltower to buy Aldwins House for $13 million. Teltower has lent $4 million of AHL’s buy price for a term of 4 years. The settlement is likely to happen in late March this year.
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PHL has also hired Andrew Mitchell as its executive director.
Meridian Energy Limited (NZX:MEL)
NZ-based electricity generator Meridian Energy was the second most traded stock of the day, reporting a trading volume of 1,550,442 for the day. On 17 January, MEL ended the trading session at $4.66, down 2.31% from the previous close.
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Meridian and Nova Energy entered into Swap transactions and a call option on 23 December. The deals are for a 5-year period starting 1 January 2023 and offer the Company with extra portfolio flexibility.
Meridian is due to announce is interim results in the least week of February this year.
Bottom Line
Active stocks provide investors information about the market sentiment and price of stocks.
(NOTE: Currency is reported in NZ Dollar unless stated otherwise)