Here's why Damstra (ASX:DTC) is trading 23% higher today

2 min read | July 08, 2022 12:21 PM AEST | By Ritwika

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Here's why Damstra (ASX:DTC) is trading 23% higher today — Image source: Image source: © Poorisitchunpiam1995 | Megapixl.com

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Highlights:

Damstra shares have been garnering a lot of attention from investors on the ASX since yesterday (7 July 2022).

The company, on Thursday, furnished an explanation on media reports regarding proposal from Accel-KKR.

The ASX 200 Information Technology sector also has been marking significant gains today.

ASX-listed tech giant Damstra Holdings Limited (ASX:DTC) is on investors' radar as its shares have been on a gaining spree since yesterday. It should be noted that Damstra shares closed 25.806% strong at AU$0.195 per share on Thursday (7 July).

On Friday ( 8 July), the stock opened almost 23% up and was spotted trading 18% higher at AU$0.230 apiece at 11:42 AM AEST.

The S&P/ASX200 benchmark index is up today, gaining 51.00 points or 0.77% to 6,699.00 and crossing above its 20-day moving average. 8 of 11 sectors are higher along with the S&P/ASX200 Index. Energy is the best performing sector followed by Information Technology.

Why are Damstra shares gaining?

The workplace management solution provider has grabbed investors' attention on the ASX as the company had to come up with an explanation in response to some media reports.

The company’s release referred to latest media speculation with respect to receiving an unsolicited confidential, non-binding and indicative proposal from Accel-KKR. Damstra stated that all the discussions related to this offer are completed.

As a response to media speculation, Damstra has affirmed its shareholders that the company might explore different options wherein Damstra will be able to maximise value for its shareholders and will share updates on the ASX accordingly.

Meanwhile, the S&P/ASX200 Information Technology sector (INDEXASX:XIJ) is one of the best performing sectors on the ASX today, up 1.5% at 1,442.800 points at 11:54 AM AEST.

About Damstra:

An overview of Damstra's share price performance on the ASX:

Damstra's shares have been struggling amidst market volatilities which can be clearly seen by taking into account its share price performance on the ASX. In a year's time, the share price of Damstra has lost more than 72% on the ASX.

Moreover, on Y-T-D basis, Damstra's share price has lost over 35% on the ASX.

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