Denison Mining’s 0.35% Rally Despite $0.36 Billion Volume Drop to 324th Market Rank

On October 8, 2025, Denison Mining (DNN) saw a 0.35% rise in share price despite a 24.81% decline in trading volume to $0.36 billion, ranking 324th in market activity. The stock’s performance was influenced by a combination of operational updates and market positioning dynamics reported in recent disclosures.

Recent corporate filings highlighted adjustments in exploration strategies at key uranium projects in Canada and Brazil, with revised timelines for feasibility studies triggering mixed investor sentiment. Analysts noted that the firm’s decision to prioritize high-grade resource delineation over immediate production expansion has tempered short-term speculative interest. Additionally, a shift in management’s capital allocation framework toward debt reduction was flagged as a potential headwind for near-term growth narratives.

Positioning data revealed a 12% net outflow of institutional ownership in the prior quarter, contrasting with a slight increase in retail investor activity. Market observers attributed the divergence to differing risk appetites between professional and individual investors, with the latter drawn to Denison’s discounted valuation relative to sector peers. However, the stock’s muted volume suggests limited conviction in current directional bets.

To make sure the back-test matches what you have in mind, could you please help me pin down a few implementation details?

1. Universe

• Should we include all listed U.S. common stocks (NYSE + NASDAQ + AMEX), or do you want to limit it to a narrower set (e.g., S&P 500 constituents)?

2. Ranking metric

• “Daily trading volume” – do you want to rank by share volume (shares traded) or by dollar volume (shares × close price)?

3. Trade timing & holding period

• Typical practice is “buy at today’s close, sell at tomorrow’s close,” which gives a one-day holding period. Is that acceptable, or would you prefer open-to-open / close-to-next-open, etc.?

4. Transaction costs & slippage

• Should we assume zero costs, or add a fixed commission / bid-ask spread per trade?

5. Re-investment mechanic

• Do we fully re-invest the available capital every day into an equal-weighted basket of the top-500 names, or should we apply position caps?

Once I have these details, I’ll run the daily rebalanced portfolio back-test from 2022-01-01 through today and present the statistics and equity curve.