Here are the 3 most heavily traded ASX 200 shares on Wednesday

Some big moves in the lithium space drove trading volumes today.

Sebastian Bowen

Author Bio Sebastian Bowen has been a Motley Fool contributor since late 2018. Sebastian found his passion for writing and educating others about shares and all things finance after completing his studies in political, economic and social science and enjoys bringing this passion to life at the Fool. His investment philosophy is a simple one – buying high-quality companies at prices that make sense. When he’s not researching his next investment at all hours of the morning, Sebastian enjoys classic movies and likes to unwind with a good book, newspaper or record. Areas of Expertise Dividend investing ETFs Education Bachelor of Political, Economic, and Social Sciences (Government and International Relations), University of Sydney Social Media X/Twitter Favorite Investment Quote "In the short run, the market is a voting machine, but in the long run, it is a weighing machine." – Benjamin Graham

Published May 17, 2023 4:16 pm AEST

The S&P/ASX 200 Index (ASX: XJO) had yet another day in the red on Wednesday. After only eking out a 0.1% gain on Monday and falling 0.4% yesterday, the ASX 200 recorded another loss for ASX investors today.

At market close, the Index finished down by a notable 0.49% at just under 7,200 points.

But let's not allow that to get us down! It's time for a distraction with a look at the shares that dominated the ASX 200's share trading volume charts on Wednesday, according to investing.com.

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The 3 most traded ASX 200 shares by volume this Wednesday

Sayona Mining Ltd (ASX: SYA)

First up today is the ASX 200 lithium stock Sayona Mining. This hump day has seen a decent 26.33 million Sayona shares swapped on the ASX.

There wasn't any news out of Sayona itself this session that might easily explain why so many shares were flying around. However, there was a big move in the lithium stock's share price that might explain it.

Sayona suffered a nasty fall today, dropping 4.44% to 21.5 cents a share. That's despite the company making gains at one point today This drop, as well as the volatility we have seen, probably explains the high volume.

Pilbara Minerals Ltd (ASX: PLS)

Next up we have another ASX 200 lithium share in Pilbara Minerals. Sayona's stablemate saw a sizeable 27.77 million of its shares change hands. Again, this looks like a byproduct of some serious volatility in the Pilbara share price.

Pilbara didn't fare as badly as Sayona though but still nursed a 1.04% loss to $4.74 a share. However, Pilbara dropped as low as $4.70 a share this morning, before briefly rising into positive territory around midday. No wonder so many shares have been flying around.

Incitec Pivot Ltd (ASX: IPL)

Finally this Wednesday, let's take a look at ASX 200 explosives and fertiliser manufacturer Incitec Pivot. A whopping 30.28 million Incitec shares were bought and sold on the ASX share market today.

This is almost certainly a result of the nasty share price drop we saw Incitec shares suffer. The company lost a meaty 7.84%, finishing the day at $2.94 a share. Incitec even got down to a new 52-week low of $2.86 earlier in the day as well.

This dramatic crash comes after Incitec Pivot released its latest half-year earnings. As we covered this morning, these earnings revealed an 8% slump in net profits and a 6% slide in earnings per share (EPS). It's clear investors weren't too impressed.

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