- Trading in equities on the Irish Stock Exchange in the first quarter of 2004 was up 36% over the same period in 2003 - average daily turnover rose to €343 million
- Eircom Group Plc IPO at an initial valuation of €1.153 billion
- Two new member firms join the Exchange
- Specialist debt business continues to forge ahead with 85 new entities listed in Q1
- Investment fund listings grew by 185 new entities in Q1
- New website launched with significantly more functionality
The average daily equity turnover on the Exchange in first quarter 2004 was €343 million, a 12.1% increase on the overall 2003 daily average of €306 million and a 13.6% increase on the fourth quarter 2003 daily average of €302 million. Excluding trading in Eircom Group Plc, the average daily equity turnover on the Exchange for quarter one, 2004 was €339 million, a 10.8% increase on the overall 2003 daily average and a 12.3% increase on the quarter four, 2003 daily average.
The Eircom Group Plc IPO represented the return to the ISEQ Index of the TelCo sector. Companies listed on the Exchange raised €1,201 million through the issuance of shares to the market (€1,153 million of which was issued by Eircom Group Plc). The underlying depth in the market for Irish equities continues to strengthen.
First quarter 2004 saw continued strong growth in specialist debt securities listings with a 12% increase in the number of programmes listed to 115, and a 10% increase in the number of non-programmes to 780. The Exchange continues to play a pivotal role in the development of Ireland as a location for securitisation special purpose vehicles. Some of the major deals listed in quarter one, 2004 include Hypo Real Estate Bank International €10 billion Programme, La Defense III PLC and West LB Covered Bond Bank 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. These entities were introduced to the market by leading global asset managers and investment banks such as Goldman Sachs, Bear Stearns, Gartmore and Societe Generale.
Turnover in Government bonds for the quarter totalled €29 billion; an increase of 40% on the same period in 2003. €1.3 billion 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. Susquehanna International Securities Limited is a leading market making firm active in financial markets on five continents. It deals with market professionals on a principal basis. It also carries out market making activities in nine Irish securities on ISE Xetra, the Exchange's electronic trading platform.
Pershing Securities International Ltd provides financial services outsourcing, including clearing, settlement, custody and other administrative services to Irish stockbroking firms. Under a Model A arrangement, Pershing provides a " back-office for hire" service. Under a Model B arrangement, Pershing will become the legal counterparty for trades and will adopt the settlement risk associated with those trades and as a result has a contractual obligation with the underlying client.
The Exchange launched its new website in January. 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 www.ise.ie.
Please click here for key metrics for the first quarter 2004.
