Strong performance continues across equity markets confirming strong demand for Irish shares.
• ISEQ up 24.8% - the best performing index in Europe so far in 2013
• Equity trades exceed 2.5m in first 9 months of 2013 - surpassing 2008 peak
• 55% lift in equity turnover confirms strong performance of Irish companies
• Debt securities market sees uplift in new international listings
ISEQ up 24.8% - the best performing index in Europe so far in 2013 Irish Stock Exchange (ISE) statistics just released show the ISEQ Overall index has risen by 24.8% in the first nine months of 2013 and is the best performing index in Europe so far in 2013, ahead of the leading indices in France [13.8%] and Germany [12.9%].
Standing at 4,238, the ISEQ Overall index is also one of the top performing global indices in 2013, outperforming benchmark indices such as the UK’s FTSE 100 [9.6% rise], the USA’s S&P 500 [+17.9% gain] and the Eurozone index - FTSE E300 [10% increase].
This continues the momentum established by the ISEQ in 2012 [+17.1%] and its three year gain now stands at 58.4%.
All ISE equity indices rose during the third quarter with the General and Small Cap indices performing well ahead of international benchmarks, both indices show increases of over 22% year to date.
Equity trades exceed 2.5m in first 9 months of 2013 – surpassing 2008 peak The ISE has recorded over 2.5m equity trades in the first 9 months of 2013. Having already exceeded the previous yearly high [2008: 2.5m trades], the ISE is set to have the highest annual number of trades ever recorded on the ISE in 2013. Illustrating this trend, Q1, Q2 and Q3 of 2013 are the top three performing quarters for equity deals in the ISE’s history.
This growth in trading numbers, up 36.2% on the same period last year [YTD 2012: 1.9m] demonstrates the underlying liquidity of the Irish market and strong demand for Irish companies within the ISE’s international membership base. At the end of September 2013, over 80% or 38 of the ISE’s 46 members are based outside of Ireland.
55% lift in equity turnover confirms positive equity performance of Irish companies With equity turnover directly linked to share price, the 55% lift in equity turnover year to date to €42.6bn [2012: €27.4bn] confirms the continuing positive performance of Irish companies.
The market capitalisation of ISEQ quoted companies also increased by 18.6% during the third quarter, reaching €116.3bn at the end of September 2013 [Q2 2013: €98.0bn] [Note 1].
NTMA issues new T-bills raising €1bn
As part of the NTMA’s increased activity on the open market, it issued two new Irish Government Treasury bills during Q3 2013 raising €1bn from international investors. These listings on the ISE raised the market capitalisation of Irish Government bonds to €96.5bn, an increase of 7% since year end [2012: €90.2bn].
Debt securities market sees uplift in new international listings
The ISE’s debt business has seen an uplift in new international listings each quarter in 2013 despite lingering global uncertainty in debt markets. New debt securities admitted to listing on the ISE stood at 3,000 at the end of Q3, up over 70% on the same period last year [YTD Q3 2012: 1,754].
Additional listing activity was evident across all debt product types during the third quarter and included new MTN Programmes from Citigroup, Danske and HSBC and new sovereign debt issues from Egypt and Bahrain. A number of international corporates also chose the ISE for the listing of their debt issuance including the luxury brand Prada, AA and the airlines Emirate Airlines and British Airways.
The total number of debt tranches listed on the ISE at the end of September 2013 now stands at 20,989 [end 2012: 20,286].
New fund classes admitted to the ISE’s markets fell during Q3 to 414 following a good performance in Q2 . At the end of Q3 2013, the number of funds and sub funds listed on the ISE was 2,433 [end 2012: 2,579].
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If AIB and Irish Life and Permanent are excluded from the calculations, the market capitalisation of companies included in the ISEQ indices would be €70.6bn at the end of September 2013 – a rise of 8.1% or €5.3bn during Q3 and an increase of 18.2% or €10.9bn since the end of 2012.
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