The Globe and Mail reports in its Friday edition that a series of small purchases in thinly traded Postmedia Network Canada prompted the country's largest newspaper publisher to go public with merger talks, on concerns news of the potential deal had leaked. The Globe's Andrew Willis writes that on Tuesday, Postmedia shares spiked by more 40 per cent, prompting the company to put out a press release saying because of "unusual trading activity" and merger speculation, it was confirming negotiations with Toronto Star owner Nordstar Capital LP. Tuesday's trading in Postmedia illustrates the market swings that come with sudden spurts of interest in illiquid stocks. Most days, only a few hundred of Postmedia's voting and variable voting shares change hands. A widely followed stock such as Shopify trades 15 million shares each day. On Tuesday, 14,800 Postmedia variable voting shares and 20,120 of the company's voting shares changed hands, at prices that ranged from $1.30 to $2.54 per share. The largest purchase was for 4,200 shares at $2.17 each, an investment of just $9,114. If someone buys or sells stock in anticipation of a transaction, Canadian regulators have historically taken action, even if profits are minimal.