Equity turnover decreases by 12.8% to €35.5 billion
The market statistics for Q3 2010 show that equity turnover decreased by 12.8% to €35.5 billion in the first nine months of 2010 [2009 ytd: €40.8 billion]. Trading volumes in equities quoted on the Exchange [461,512] during the third quarter and the daily average number of trades [6,993] were 24.2% lower than the figures recorded in Q3 2009 [608,636 and 9,222 respectively].
Market capitalisation of equities admitted to trading on the ISE at €45 billion was down 5% in quarter three, although it remained relatively unchanged when compared to the figure recorded at the end of 2009.
Seven companies trading on the ISE raised funds of almost €199 million during the third quarter of 2010 [Q3 2009: €562 million]. The most significant fund raisings occurred in September, with Bank of Ireland plc and AIB plc raising €49 million and €149 million respectively.
Turnover in Irish Government securities rises by 75% to €197 billion
Strong activity in Irish Government Bonds and Treasury Bills continued into the third quarter of 2010, with turnover in Irish Government Bonds and Treasury Bills up more than 75% on the figure recorded in the first nine months of 2009 [€197 billion compared to €112 billion]. The market capitalisation of Irish Government debt of €83 billion at the end of September 2010 showed no change in quarter three, having risen by 16% in the first half of the year.
Small Cap indices grow but most ISEQ equity & bond indices decline in value during Q3
The review shows that the small cap index and the ESM index, which tracks the Enterprise Securities Market, increased by 5% and 4% respectively during quarter three. Other ISEQ equity indices declined in value during the third quarter of 2010, with the ISEQ overall index falling by 7% and the ISEQ financial index falling by 14%.
The ISEQ bond indices, which measure the return on Irish Government securities, also showed a negative return during quarter three, with returns in the range of -2.39% to -7.13% being noted in the period.
International specialist markets remain challenged
The ISE’s specialist markets for funds and debt securities remain affected by challenging conditions in international capital markets. While so far in 2010 new fund and sub fund listings were up 54% [293 compared to 190 in 2009], in the third quarter, new listings fell back slightly to 64 [Q3 2009: 86].
New debt tranches listed in the third quarter were 673 [Q3 2009: 933] bringing the total level of debt listings to 22,990 at the end of September 2010.