Up to five companies could list on the ISEQ in 2004, the chief executive of the Irish Stock Exchange said yesterday.

Mr Tom Healy said the estimate was based on discussions the exchange has held with the advisers to a number of Irish companies interested in flotation.

If the forecast proves accurate, it will bring an end to a three-year dry spell for the Irish market, during which no stocks have joined and some 30 have delisted.

"We should turn the corner this year because we expect at least three IPOs (initial public offerings) in 2004," said Mr Healy, adding that this may be a conservative estimate.

"It could be up to five," he said.

Mr Healy declined to name the parties involved but confirmed that the discussions had all concerned Irish companies.

Market sources have long suggested that likely flotation candidates include Eircom and Cantrell & Cochrane, which aborted an IPO in 2002.

National Toll Roads is also seen a firm possibility for flotation, while Jefferson Smurfit is considered likely to seek a new listing at some point.

State-owned airline, Aer Lingus, is viewed as an outside contender.

Mr Healy said the exchange continued to see much potential in the technology sector, but he played down expectations of an imminent technology IPO.

He was speaking at the publication of the stock exchange's 2003 Review, which showed that the value of shares traded last year rose by 10 per cent to €77.5 billion.

The increase came despite the departure of 10 stocks over the year, with Mr Healy pointing out that most of these were small companies that traded infrequently.

Average daily turnover on the exchange was €306 million, again up 10 per cent on 2002.

Mr Healy described the equity market performance as "very heartening". He said the recovery of private client business in the second half of last year was "very encouraging".

Mr Healy believes that turnover could rise to between €85 and €90 billion this year if the global economic recovery and restoration of investor confidence remain on track.

He said the exchange will intensify its campaign for the removal or reduction of stamp duty on share trades in Budget 2005.

Stamp duty on share trades - which generates about €300 million for the Exchequer each year - is seen as a competitive disadvantage for the Irish market because few other European states apply such charges.

The end-year review also showed that the exchange became the world's biggest centre for the listing of international investment funds in the course of 2003.

Mr Healy said the exchange expects to have income of about €16 million this year, with half of this drawn from specialist listings.