- Trading in equities on the Irish Stock Exchange in 2003 up 10% over 2002 to €77.5 billion - average daily turnover €306million
- €749 million raised in new share issues
- Specialist debt business continues to forge ahead with 305 new entities listed in 2003
- Investment fund listings grew by 12%
- New website launched with significantly more functionality
The average daily equity turnover on the Exchange for 2003 was €306 million, a 10% increase on the overall 2002 daily average of €278 million. Companies listed on the Exchange raised €749 million through the issuance of shares to the market. The underlying depth and liquidity in the market for Irish equities continues to strengthen, and 2003 saw private investors return strongly to the market.
Commenting on 2003 performance, the Exchange Chief Executive, Tom Healy, said: "This was another year of excellent performance. There is a strong possibility that, after three years of companies leaving the Irish market, we will see renewed interest in new issues in 2004. There are indications that private companies, their corporate financiers and investment bankers are increasingly adopting the view that equity markets internationally now offer far better value.
There is evidence from both the UK and continental Europe of a growing appetite among investors for new issues in a variety of sectors. If that appetite is maintained then the Irish market should also benefit in terms of companies coming to the market."
The strong performance of the Irish market was not confined to market turnover and the ISEQ Overall Index closed at 4921 at year end, outperforming most global indices including the FTSE All-Share Index and the Eurostoxx 50, with a 23% increase from its end-2002 level of 3995. The ISEQ sub-indices also performed well with the ISEQ Financial, General, Small Cap and ITEQ indices gaining 16%, 31%, 57% and 74% respectively. All five ISEQ indices reached their 2003 highs during the fourth quarter. The biggest individual gain in price was Anglo Irish Bank Corporation which rose €3.24 (35%) in the last quarter, followed by F.B.D Holdings - up €3.00 (28%). Other significant increases included Icon - up €1.75 (6%), Iona Technologies - up €1.65 (62%) and Irish Life & Permanent - up €1.53 (14%).
2003 saw continued strong growth in specialist debt securities listings with a 139% increase in the number of programmes listed to 103, and a 53% increase in the number of non-programmes to 707. The Exchange continues to play a pivotal role in the development of Ireland as a location for securitisation special purpose vehicles. The assets underlying these listed entities range from Air France aircraft to BBC House in London to the National Treasury Management Agency's €8 billion European commercial paper programme.
The number of investment funds and sub-funds listed on the Irish market grew by 12% with the introduction of 674 new entities in 2003; 87 of these were in the fourth quarter. This brings the number of funds and sub-funds listed on the Exchange at the end of September to 3,433. These entities were introduced to the market by leading global asset managers and investment banks. During 2003, the Irish Stock Exchange became the largest centre in the world for this specialised listing business. ,P> Turnover in Government bonds for 2003 totalled €74.5 billion and the market capitalisation of Government bonds listed on the Exchange rose 35% to €29.6 billion. €6.6 billion was raised in 2003 through the issuance of Government bonds.
The Exchange has just launched its new website. It offers significant new functionality, more user-friendly navigation and greater depth of analysis and coverage of its products and markets. A wide range of instrument trading details, extensive market reports and detailed information about the key areas of the Exchange's business are available on the website which is radically altered from its predecessor. The website address remains http:// www.ise.ie.
KEY METRICS - 2003 | Equities | Government Bonds | ||
Q4 | 2003 | Q4 | 2003 | |
Turnover Total €m | 19,021 | 77,516 | 15,102 | 74,461 |
Turnover Daily Average €m | 302 | 306 | 240 | 294 |
Market Capitalisation €m 31-Dec-2003 | 63,562 | 29,557 | ||
Market Capitalisation Change % | 10% | 20% | 7% | 35% |
Money Raised €m | 290 | 749 | 1,300 | 6,570 |
Number of Instruments 31-Dec-2003 | 77 | 15 |
ISEQ | Overall | Financial | General | Small Cap | ITEQ | |
31-Dec-2002 | 3995 | 7986 | 2507 | 1060 | 209 | |
30-Sep-2003 | 4487 | 8496 | 2973 | 1466 | 288 | |
31-Dec-2003 | 4921 | 9235 | 3287 | 1659 | 363 | |
2003 | 23% | 16% | 31% | 57% | 74% | |
Change % | Q4 | 10% | 9% | 11% | 13% | 26% |
INVESTMENT FUNDS | Funds | Sub-Funds | Fund-Classes | |
Number of Investment Funds 31-Dec-2003 | 1,549 | 1,884 | 6,266 | |
2003 | 284 | 390 | 2,304 | |
Newly Listed Investment Funds | Q4 | 41 | 46 | 667 |
SPECIALIST DEBT SECURITIES | Funds | Sub-Funds | Fund-Classes | |
Number of Specialist Debt Securities 31-Dec-2003 | 103 | 707 | 3,676 | |
2003 | 61 | 244 | 1,645 | |
Newly Listed Specialist Debt Securities | Q4 | 12 | 77 | 446 |
Please click here for the Irish Stock Exchange annual statistical review 2003.