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ISEQ up-Irish retail out of int. care

Friday, March 28 09:20:47

The ISEQ is a little higher this morning (4,989, up 21 points) as World markets respond to expectations of a Chinese boost to the domestic market.

Davy Stockbrokers examines Irish retail and sees some positives:

We will also look for solid underlying growth in the retail sales ex-motors, which usually provides a good steer on consumer spending in the quarter. As had been indicated in buoyant consumer sentiment surveys at the end of last year, households are now feeling sufficiently confident in the current financial environment to spend on bigger ticket items such as cars.

Elsewhere, data from the IBF yesterday showed that the Irish mortgage market started the year well. Approvals in the three months to February were up 36 PC year-on-year. However, we would caution on the magnitude of the growth rate as the collapse in lending in Q1 2013 following the end of mortgage interest reliefs is now flattering the annual comparison.

Nonetheless, mortgage lending is certainly beginning to pick up momentum. A concern going forward will be the gap between approvals and actual drawdowns as the market remains awash with cash buyers (50 PC of sales last year). Many prospective borrowers have struggled to get approvals over the line; this is reflected in the E3.2bn in approvals in 2013 compared to just E2.5bn actual drawdowns according to Davy Stockbrokers.