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Shares in Independent News & Media up over 14pc after stock purchase

SHARES in Independent News & Media (INM) gained 14.9pc today to 31.6c after a large tranche of shares in the media firm changed hands.

The stock made the gains after over 27.5 million shares, or 5pc of the company, were purchased.

News agency Reuters reported that the shares were purchased by businessman Denis O’Brien, citing sources close to the company.

Mr O’Brien already holds 22pc in INM.

The shares traded at 33c each.

It is understood the shares were sold by INM shareholder Investec.