Iseq reports continued strong growth in 2004

The value of shares traded on the Irish Stock Exchange rose by 36% to €21.9bn in the first three months of 2004.

This was up from €16.1bn during the same period in 2003.

Excluding trading in the Eircom Group, the value of shares traded on the Iseq was up by 34.5% to €21.7bn.

The average daily equity turnover in Q1 was €343m, up 12.1% on the overall average of €306m last year.

The Eircom Group Plc initial public offering represented the return to the ISEQ Index of the TelCo sector.

Companies listed on the Exchange raised €1,201m through the issuance of shares to the market , of which €1,153m of which was issued by Eircom Group Plc.

The number of investment funds and sub-funds listed on the Irish market grew by 5% with the introduction of 185 new entities.

This brings the number of funds and sub-funds listed on the Exchange at the end of March to 3,731.

Turnover in Government bonds for the quarter totaled €29bn, up 40% on the same period in 2003.

€1.3bn was raised through the issuance of Government bonds, including a new 4.5% - 2020 maturity issuance.

The Exchange admitted two new member firms during the first quarter of 2004.

Irish Stock Exchange Chief Executive, Tom Healy, said: “Trading volumes continue to grow strongly and the first IPO in 2004 was a success with active investor interest from domestic and international institutions.”