INM’s shares rise 13pc on big volume

SHARES in media group Independent News & Media (INM), the publisher of this newspaper, soared as much as 16.6pc yesterday.

They closed 12.7pc higher and regained some of the ground lost last week when it issued a profit warning.

Irish Stock Exchange data shows that 14.5m INM shares were traded yesterday. The figure includes sales and purchases. The shares closed at 11.5 cent yesterday, compared to the 12.8 cent they were trading at the day before last week’s profit warning was issued.

Shares in the company slumped 15.6pc by the close of business last Wednesday after INM said that it expected a “material reduction” in full year pre-tax profits compared to previous guidance, with the impact driven by the “challenges the media industry and INM continue to face”.

By comparison to yesterday’s dealings, the number of INM shares traded in Dublin last Wednesday was just 3.9m.

Yesterday’s share movement left the media group with a €159.4m market capitalisation.

INM also said last week that it has agreed to inject an additional €50m into a pension scheme for employees, resolving a dispute that began in 2016.

INM and pension trustees reached an agreement to commence the wind-up of two defined benefit pension schemes after the company committed to make phased contributions amounting to over €50m, between now and 2023.

The funds will be paid into defined contribution pensions for those current and former workers affected.