While it is true that the Tencent Music Entertainment Group (NYSE:TME) stock was trading within a range on Friday, it should also be noted that the company did make a major announcement and that hence, it may be a good idea to take a bit of an interest in the stock.
Trading Data
On Friday, TME stock moved up 0.25% to $4.07 with more than 18.05 million shares traded, compared to its average volume of 20.62 million shares. The stock moved within a range of $4.0100 – 4.3150 after opening trading at $4.18.
Tencent Music Entertainment Announces First Digital Commemorative Trophy in China’s Music Industry
Tencent Music Entertainment operates the biggest entertainment and music platform in China and on Friday it announced the award winners of the very first digital commemorative trophy that is meant for the music industry in China. The development was a significant one as it recognized the company’s contributions to the industry at large.
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The award is going to be given out every quarter and seeks to recognize entities as well as individuals who had made a valuable contribution to the progress of the industry while delivering social value through music. In the first instance, the company announced that it was going to give out as many as 11 awards.
The award was launched by Tencent Music Entertainment as a means to express gratitude to music fans, professionals, and those who create music. It will be interesting to see if the development leads to attention for the Tencent Music Entertainment stock.
Technical Data
TME stock is trading below the 20-Day and 50-Day Moving averages of $4.15 and $4.47 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.52.
