The Irish Stock Exchange has reported a record half year for equity turnover, with trading in the first six months of 2005 amounting to €54.8 billion, up 46% from the €37.5 billion the same time last year.
The average daily equity turnover on the exchange in the first half of the year rose to €441m from €298m in the first six months of 2004. Companies traded on the ISE raised a total of €818m in the six month period.
During the first half of the year, the average number of transactions a day rose to 3,149 compared to 2,596 in the first half of 2004. This 21% increase emphasised the underlying liquidity of the market and reflected an increased level of investment in equities by private investors, the ISE said.
According to today's figures, the Irish equity market outperformed most global markets with a 5.5% increase in the ISEQ Overall Index to date. The ISEQ Overall closed the half year at 6,541, outperforming the FTSE 100, Eurostoxx 50, the Nasdaq and the Dow Jones.
The first half of the year saw a total of 274 new funds and sub-funds list on the Irish Stock Exchange, reinforcing its position as the leading centre in the world for such business. This increase brings the overall total of funds and sub-funds listed to 4,119 with 7,706 classes.
The ISE said it expects to maintain a steady volume of new listings throughout the second part of the year.
The ISE's specialist debt business also saw a significant increase in the number of securities being listed during the first six months of 2005. The number of new programmes and non-programmes listed show an increase of 84% over the same time last year. There is now a total of 7,707 specialist debt tranches listed, a 25% increase in the six months to June 2005.
The Exchange launched its new Irish Enterprise Exchange (IEX) in April. This is designed to suit the particular needs of small to medium sized companies and its rules have been tailored specifically for smaller companies. They are complementary to those of London's Alternative Investment Market (AIM) and allow companies the option of co-ordinating admission to both markets using the same timetable and the same admission document.
The Exchange Traded Funds was also launched in April, the first exchange traded fund based on the Irish stock market. Investors now have the opportunity to invest at low cost and via a single security in a portfolio of 20 of the most liquid and largest Irish equities. Since its launch, assets under management in the ISEQ 20 ETF have grown to over €27m, with average daily turnover of €1.6m.
