FIRST Ireland Investment Company, the closed end investment company operated by AIB, has outperformed the Irish market in the six months to the end of September. First Ireland's net asset value grew 7.8 per cent in the half year compared to the 5.7 per cent growth of the Irish market in the same period. First Ireland investors exercised 5.99 million warrants on August 15th, bringing total shares in issue to 36 million. In the six week period from August 15th to September 30th, net asset value grew 2.7 per cent compared to 4.3 per cent growth in the market.

Since March 1990 and the exercise of the warrants in August, First Ireland's net asset value has increased by 56.2 per cent, compared to a 44.8 per cent increase in the market. The main investments held by First Ireland are in AIB, Smurfit, Fyffes, Avonmore, Arnotts, DCC, Hibernian, Irish Life, James Crean and Clondalkin.