ISE celebrates anniversary of successful launch of IEX

CLOSE to 80% of trading in the shares of new companies that joined both IEX and AIM in the past 12 months takes place in Dublin.

Since its launch, the market capitalisation of the IEX has more than doubled to €1.17 billion since the market was launched one year ago.

Speaking on the anniversary of the launch of IEX, the Irish Stock Exchange’s Director of Listing, Deirdre Somers, expressed satisfaction at progress to-date.

“In attracting Irish companies to the Irish market, the Exchange has emphasised that a company’s home market is particularly important both at the time of IPO and for further fundraising,” said Ms Somers.

The home market was also more likely to provide broker and analyst support necessary to keep dealings in the shares at a satisfactory level, she said. The 78% level of trading under the dual listings taking place in Dublin over London is evidence of the merit of having a local listing, she said.

Niall McFadden, the chairman of Irish Estates plc, which listed on IEX in September 2005 said by going on IEX his company succeeded in attracting European investors through its euro-denominated quote and trading facility on IEX.

“This complements our sterling quote on AIM and offers shareholders the choice of trading in euro or sterling,” he said.

In total six new companies have joined IEX since its launch in April 2005: Lapp Plats plc; Getmobile Europe plc; Irish Estates plc; Donegal Creameries plc; Newcourt Group plc and AGI Therapeutics plc, bringing the companies listed on IEX to 14.