Melbourne based Iress Limited (ASX: IRE) is a technology company that provides software to the financial services industry. Iress operates across APAC, UK and Europe, South Africa, and North America. The software and services are used for trading & marketdata, financial advice, investment management,mortgages, superannuation, life & pensions and dataintelligence. It is used by more than 9,000 businesses and over 500,000 users globally.
This morning IRE shares were skyrocketing and closed at $12.79 a share, following a 16.8% surge. Underpinning the upbeat sentiment was a rumour going around that was first reported by AFR that newly minted investment bank Barrenjoey is looking for Iress shares on behalf of a financial sponsor client. The report further added that the investment bank is looking to buy a stake of around 10% in Iress and that Barrenjoey has been speaking with fund managers regarding this.
Iress did respond to the speculation, however, denied the claims. This did not stop investors and traders from buying the stock today though and IRE shares are now trading at levels seen prior to the pandemic crash. Given the surge, it would be interesting to see how the trading session tomorrow transpires.
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