Something is happening with CanWest shares: the price just jumped 13 cents and the volume of shares being traded is almost three times as high as the average.
CanWest closed at 72 cents a share yesterday. At the moment, it’s trading at 85 cents, a mark it has only hit once in the past five trading days. The average volume of shares traded is 438,300: right now, there have been 1,413,739 shares bought or sold.
I haven’t seen anything in the news feed to explain what’s going, although I have noted a change in what analysts are saying about the stock: of the nine analysts traced by Marketwatch, five are now recommending that investors hold on to their stock. (The other four are still saying “sell.”)
The sudden surge must be making hearts beat a little quicker in the financial offices of the media giant, although the stock remains well off it’s 52-week high of $7.50 a share.
UPDATE: At the end of the day, share volume was huge: 3,082,861. The final news wasn’t good for CanWest, however. After spending a couple of hours at the 85-cent mark, the stock plunged again, down as low as 68 cents, and closed at 70 cents, down two more cents from yesterday.