VODAFONE shares took a near 4% hit yesterday on fears of increased competition, despite doubling dividend payments and unveiling a €6.54bn share buyback programme.

A STRONG economy underpinning advertising growth will drive earnings at Independent News & Media, according to Goodbody Stockbrokers who have pencilled-in a 15% increase in the share price over the next 12 months.

PRE-TAX profits at iTouch, the mobile phone streamed services provider, hit £3.7m (€5.3m) in 2004 ending the company’s years of cash burn and leaving it sitting on a net cash pile of £13.1m.

iTouch revenues in the first half of 2004 rose by 31% to £33.8m (€49.6m) from £25.8m as pre-tax profits hit £1.1m against losses of £5.1m a year earlier.

THREE of Ireland’s largest publicly-quoted companies CRH, Kerry Group and Eircom are expected to announce bottom-line increases later this week.

AFTER-TAX profits at APN, the Australian media group 40.5%-owned by Independent News & Media, are set to hit $A120 million (€73.6m) for 2004, up from $A103 in 2003.

APN, Independent News & Media’s Australian media company has failed in its bid to stop the Australian Broadcasting Authority selling new radio stations in competition with its existing stations.

INDEPENDENT News and Media has disposed of all shares purchased in its controversial share buyback programme which almost triggered a takeover offer for the owner of the Irish Independent Newspaper.

SHAREHOLDERS in Irish Independent owners Independent News & Media attending the company’s AGM today, will be buoyed by Goodbody Stockbrokers buy recommendation for the beleaguered share.

THE practice of selling papers in bulk at a discount, has helped shore up reported sales of Independent News & Media newspapers.

INDEPENDENT News and Media (INM), owner of the Irish Independent, has made a loss of 2.3 million euro on its share price support buy-back programme of more than 10 million shares, according to analysts.