Fidelity banks on Irish resurgence

Dublin

FIDELITY Worldwide Investment is trawling Ireland as the economy grows more quickly than anywhere else in the developed world.

The company's £2.8 billion (S$5.9 billion) Special Situations Fund is investing in Irish stocks including Bank of Ireland plc, hotelier Dalata plc and homebuilder Cairn Homes plc, tapping into an economy growing about 7 per cent this year. The Irish stock index is among the best performers in Europe, gaining more than 29 per cent as the revival sparked by the presence of companies such as Google Inc in Dublin spreads through the economy.