A round-up of today's other stories in brief...

Authority clears ESB purchase of Northern Ireland Electricity

The Competition Authority yesterday cleared the acquisition by the ESB of Northern Ireland Electricity (NIE).

The State energy company recently announced that it had agreed to buy NIE, which controls the North’s electricity transmission and distribution networks, from its owner, Viridian, for €1.25 billion. On completion of the purchase, the ESB will own the North’s national grid and control over €7 billion worth of transmission and distribution assets.

The ESB’s Brian Montayne said: “This is another milestone for us. While there are other issues to be closed out, things are going well and were on course to complete the transaction by year-end.”

Iseq sees daily trade drop 24%

The average number of daily trades on the Irish Stock Exchange fell by 24 per cent compared to the same quarter last year, writes Joanne Hunt.

The figures, published in the Irish Stock Exchange’s quarterly Market Statistical Review, also show that, in money terms, equity turnover decreased by 12.8 per cent to €35.5 billion in the first nine months of 2010.

Market capitalisation of equities admitted to trading remained relatively unchanged compared to the end of 2009, down 5 per cent in quarter three to €45 billion.

Goffs to sell 26% stake in Arqana

Shareholders in bloodstock agency Goffs yesterday approved the sale of the majority of its stake in French bloodstock auctioneer, Arqana.

Shareholders at a Goffs extraordinary general meeting voted in favour of the sale of 26.67 per cent of the company’s holding in Arqana to Grenfell Ltd, a company controlled by racehorse owner and breeder, the Aga Khan, which owns 40 per cent of the Irish business.

Earlier this month, Robert J Goff and Company released accounts showing it had to provide €5.7 million against overdue debts on March 31st, the end of its last financial year.