Investors shun IEX

DUBLIN’S new specialist market for small companies had a quiet start yesterday, attracting trades worth less than €150,000.

Investors shied away from the new Irish Enterprise Exchange (IEX) on its first day. Four of the eight firms quoted on the market recorded no shares changing hands.

The Irish Stock Exchange hopes the exchange will emulate the success of London’s Alternative Investment Market, whose popularity has soared among small and medium companies looking for a listing for the first time.

Yesterday’s disappointing launch was rescued by housebuilder Abbey, the largest of the companies quoted on the IEX. Ten trades in Abbey shares were recorded, accounting for almost €100,000.

But recruitment company CPL, electronic learning specialist Thirdforce and resource companies Glencar Mining and Ovoca failed to attract any interest. Minmet narrowly escaped the same fate by recording trades worth just over €1,200.

Yesterday also marked the closure of the Exploration Securities Market and the Developing Companies Market, where the companies that joined the IEX were previously listed. The ISE said the new market would make it easier for small and medium-sized Irish companies to attract funding and would be particularly attractive for companies seeking a dual listing on the IEX and the AIM.