Irish Stock Exchange Publishes Its First Half Review
The Irish Stock Exchange has this week published its first half review, which
has reported a substantial increase in the number of daily transactions on the
Irish equity market in the first half of 2008, with a 62% increase in volumes
over the first half of 2007. Reflecting the fall in equity valuations, the value of stocks traded in the
first half of 2008 was EUR68.7bn
compared to EUR101.7bn in the same period in 2007. Average daily value of trading were EUR554m, a 32% fall on the first half of
2007. Commenting on the first half 2008 performance, Brian Healy, Director of Traded
Markets, Development,
Operations said: “The ISE’s ability to strongly grow the volume of transactions
that domestic and international investors execute on our markets emphasises
the ISE’s attractiveness as a trading venue and its position as the dominant
centre of liquidity for Irish equities. “This growth also needs to be seen in the context of the extremely difficult
market conditions globally and the
ever increasing competitiveness of equity trading in Europe. We are bringing
new equity and Government
bond traders to the ISE and we are continuing to harness new sources of order
flow for the issuers of Irish
equities," he added. Turnover in the Irish Government bond market remained especially healthy in
the first half of 2008, with the
value of bonds traded increasing 78% to EUR31bn compared to EUR17.5bn in the
first half of 2007. The first half of the current year saw the successful issuance of the EUR7bn
Treasury Bond 2019 by the National Treasury Management Agency. Commenting on the continuing uncertainty in global financial markets, Gerard
Scully, Director of
International Primary Markets said: “The difficulties in the structured credit markets have resulted in
a fall in the number of new debt listings in the second quarter of 2008, however,
this has been counterbalanced to some extent by the listing of new Euro commercial
paper programmes, covered debt programmes and straight debt programmes. In addition,
the first half of 2008 saw a steady flow of new funds to the ISE - a total of
213 new funds and sub-funds listed in the first half of 2008.” A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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