Add as a preferred source on GoogleCrown Castle Shares Rise Nearly 16% as Trading Volume Surges
The telecommunications infrastructure REIT’s volume exceeded three times its one-month average as the broader real estate sector moved higher.
Crown Castle shares rose nearly 16% Friday as trading volume exceeded three times the stock’s one-month average and the broader real estate sector moved higher.
Crown Castle Inc. (NYSE: CCI), a U.S.-focused telecommunications infrastructure real estate investment trust, advanced nearly 16% as of 4:25 p.m. ET (20:25 UTC) Oct. 9.
Trading volume exceeded three times Crown Castle’s average daily pace over the past month. The broader real estate sector also moved higher during the session.
The move followed a difficult period for telecom tower real estate investment trusts. Crown Castle and SBA Communications were among the sector’s notable decliners during the week ended Sept. 25, when rising Treasury yields pressured rate-sensitive companies and shifted market leadership toward technology shares.
That market shift was detailed in a previous report on real estate stocks and Treasury yields.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.