O’Brien link aids IN&M shares

SHARES in Independent News & Media surged by more than 6% yesterday on speculation that investor Denis O’Brien had bought more shares in the firm.

Mr O’Brien who has spent around €56 million buying up a 3% stake in the group, is now sitting on paper profit of around e1m on his investment.

Shares in IN&M rose by 16 cents, or 6.37%, to end the day at €2.67. Some 26.7 million shares were traded on the day, much more than the average daily turnover and one broker speculated Mr O’Brien may have been in the market.