ISEQ marches ahead

The ISEQ index witnessed a flurry of activity this afternoon as Irish businessman and millionaire Denis O'Brien increased his shares in Independent News and Media from 3% to 5%.

The Irish index was up 22.18 at 9611.83.

The Independent group, worth €2.4bn, publishes the Sunday Independent, Irish Independent and the Evening Herald.

Fellow Irish entrepreneur Tony O'Reilly and his family currently own 27% of the Independent group which has interests in radio, newspapers and advertising in Australia, New Zealand, South Africa and more recently India.

Mr O'Brien has not elaborated on his intentions towards the communications company, but economic observers maintain that any attempt at a takeover would be difficult with the O'Reilly family in possession of a quarter of the company.

Independent News and Media shares were eventually boosted by the news and closed the day up 4c at €3.30.

The financial heavyweights failed to perform as well with IL&P and AIB both falling by 5c and 3c at €21.55 and €22.97 respectively.

There was no change at Anglo Irish which closed at €16.08 and the one winner Bank of Ireland climbed 17c to €17.67.