Does one article move your stock? What 376 articles tell us about German trading

After a company has been covered in Germany, the CEO usually asks one question: did the article move the stock? It is a fair question, and we wanted a better answer than anecdotes. So we went through our own data.

We took all 376 German-language articles that GOLDINVEST.de published on six client companies between April 2024 and early October 2026, and matched each one with the daily trading volume on the six German venues and on the company’s home exchange. The companies are Formation Metals, Prismo Metals and Quimbaya Gold on the CSE, Silver Tiger Metals on the TSX, Sitka Gold on the TSXV and EcoGraf on the ASX.

The short answer: a single article rarely moves much, and only briefly. What changes German trading is coverage over months.

Article days trade more in Germany

We compared article days, meaning the day an article appeared and the day after, with quiet days, when no article had appeared that day or in the five trading days before.

Company	German volume, article days vs quiet days	Home exchange volume	German share, article days	German share, quiet days
Formation Metals	2.5×	2.0×	33.9 %	30.1 %
Prismo Metals	39×	2.6×	22.4 %	16.2 %
Silver Tiger Metals	1.6×	1.4×	18.2 %	14.3 %
Quimbaya Gold	2.0×	1.1×	11.8 %	5.4 %
Sitka Gold	2.0×	1.8×	3.0 %	3.5 %
EcoGraf	2.0×	1.2×	74.0 %	68.0 %

Median daily volume. Prismo’s ratio is extreme because on most quiet days, hardly any Prismo shares traded in Germany.

On article days, German volume was typically about twice as high as on quiet days. Volume on the home exchange rose too, which is no surprise: we write about a company when it has news, and news moves its stock everywhere.

The more telling figure is the German share of trading. For five of the six companies, it was higher on article days than on quiet days, so German trading rose more than trading at home. Sitka Gold was the exception, with a slightly lower German share on article days.

The spike is short

To see how long the effect lasts, we looked at 84 articles that appeared after at least ten trading days without any other article on the company. For each one, we compared German volume with the company’s normal level in the weeks before.

On the day of publication, German volume was 1.6 times the normal level (median). From the next day on, it was back to normal. For 38 of the 84 articles, or 45 %, German volume over the two days doubled. For the majority, it did not.

In other words: many articles cause a brief rise in German trading, and many do not.

Big news days: Germany reacts more with coverage

A second view starts from the news instead of the article. We took the days on which volume on the home exchange jumped to at least three times its normal level, a sign of material news, and asked how German trading reacted.

Big news day	German volume vs normal (median)	Number of days
Before our coverage started	1.9×	15
During coverage, no article within one day	2.4×	56
During coverage, with an article within one day	3.0×	51

During coverage, German trading reacted more strongly to news than before, and most strongly when an article appeared on the news day or the day before or after. The numbers are small, though, and not every company shows the pattern. At Prismo, the German reaction on news days without an article was even stronger.

The lasting effect comes from continuity

If single articles cause only a short spike, where does the large rise in German trading in our case studies come from? From months of coverage. Compare the German share of trading in the six months before and the six months after coverage started:

• Silver Tiger Metals: from 3.1 % to 16.4 %
• Prismo Metals: from 2.2 % to 12.6 %, and 21.1 % over the last six months
• Quimbaya Gold: from 0.4 % to 10.9 %
• Formation Metals: from no German trading to 39.5 %, after we brought the stock to German exchanges

None of these increases can be traced back to one article. They build up as German investors get to know a company, follow it over several news cycles and buy and sell more often.

Continuity is not a guarantee. At Sitka Gold, the German share rose from 2.7 % to 5.0 % in the first six months and was 2.4 % over the last six months, despite steady coverage. At Quimbaya, the share rose and fell with the intensity of coverage, and was 5.9 % over the last six months.

What this means for your investor relations

1. Do not judge German coverage by a single article. The day after, German volume is usually back to normal, whether the article was good or not.
2. Cover every material release. German investors react more strongly to news when they already know the company. That familiarity comes from regular coverage, not from one big feature.
3. Measure monthly, not daily. The German share of trading per month shows whether your German investor base is growing. Daily volume mostly shows the news calendar. Our article on how to read your German trading volume explains the figures.

The limits of this analysis

Our articles usually appear on the day of a company’s news release. We therefore cannot fully separate the effect of the article from the effect of the news itself. Since May 2026, some articles have covered several companies at once. Six companies are a small sample, and the results differ between them. We report the figures as they came out, including those that do not fit the overall picture.

If you would like to see how your German trading develops month by month, request a free German trading check.

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Disclosure: Formation Metals, Prismo Metals, Quimbaya Gold, Silver Tiger Metals, Sitka Gold and EcoGraf are clients of GOLDINVEST. More on how we are paid and how we handle conflicts of interest: Conflict of interest. Method: German-language articles on GOLDINVEST.de referencing the company; an article published at 20:00 Berlin time or later counts for the next trading day. Volume data: onvista (Tradegate, Frankfurt, Stuttgart, gettex, LS Exchange, Munich), Yahoo Finance (home exchanges), from the start of coverage to 6 Oct 2026.