The Irish Stock Exchange delivered a healthy trading update yesterday revealing strong growth in trading volumes and value in the first nine months of the year.
Brian Healy, director of trading and regulation at the exchange, welcomed the performance, saying it was particularly pleasing when compared to that of its overseas counterparts. The Iseq Overall Index, Dublin's main market, rose 9 per cent in the three months to the end of September, outperforming rival indices including London's FTSE 100, the Nasdaq and the EuroStoxx 50, and hitting record highs. Over the nine-month period it increased by 12 per cent.
The value of shares traded on the exchange increased by 17 per cent, to €94.3 billion in the nine months to the end of September, helped by the addition of four new stocks to the smaller Irish Enterprise Exchange (IEX) and increased demand from retail investors. In the three months to the end of September, the value of equities traded exceeded €28.5 billion, an average of €439 million in business each day.
The number of transactions rose by 15 per cent in the period, with an average of 3,531 transactions a day, compared with 3,075 in the year-earlier period.
According to Mr Healy, the highlight of the period, though it came at the very end, was Aer Lingus' market debut. Shares in the former State airline started trading conditionally on the grey market on September 27th, but were formally admitted to the Iseq at the start of October.
Mr Healy said the IPO had been very successful and cited the high number of retail investors who got involved in sale as evidence. A total of €1.56 billion was raised in the third quarter, of which €1.17 billion came from Aer Lingus' pre-allocation period.
