NEW YORK (Dow Jones)--Last month's stock-trading activity mostly slowed from January's pace at online broker Ameritrade Holding Corp. (NasdaqNM:AMTD - News) and at trade- processing firm Knight Trading Group Inc. (NasdaqNM:NITE - News) . But Knight's numbers showed that the firm had stepped up its trading of more-obscure stocks.
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These are companies whose shares trade not on high-profile markets like the New York Stock Exchange (News - Websites) , but on lesser-known venues such as the Pink Sheets and the Over-the-Counter Bulletin Board. Last month, such trading averaged about 6.9 billion shares a day at Knight, a stock and options trading firm in Jersey City, N.J., compared with daily averages of about 3.8 billion shares in January and 769 million shares in February of last year.
Interestingly, a big chunk of Knight's overall stock-trading last month came from one single Pink Sheets tiny-priced stock, CMKM Diamonds Inc. Knight traded an average of about 3.36 billion CMKM shares a day, representing more than 40% of Knight's average daily share volume for the month.
CMKM describes itself as "a new company involved in the exploration for diamonds in the Canadian province of Saskatchewan." The company, whose stock trades on the Pink Sheets under the CMKX symbol, trades "at prices in the hundredths of a cent," Knight said.
According to the Pink Sheets Web site, a whopping 762.36 million shares of CMKM had recently traded Friday. The last sale price shown for the stock was 0.0001.
Asked why so much of Knight's business last month came from one little-known stock, Knight spokeswoman Margaret Wyrwas said, "the stocks that we trade represent what our clients are buying and selling." She declined to comment further.
A representative for CMKM said he couldn't account for the stock activity. "I can't tell you why we're having such a huge volume in trading."
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