Irish Banks Rise as Mortgage Survey Shows Signs of a Bottom (IRE, AIB)
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Irish banks have had a solid day on Wall Street today, easily outpeforming the mixed major averages. About 20 minutes before the close of the intraday session, shares of Bank of Ireland (NYSE: IRE) are up nearly 8% to $9.90, while shares of Allied Irish Banks (NYSE: AIB) are up about 2.6% to $4.70.
Traders of these two embattled banks are likely responding to a survey of mortgage brokers which came in "not-as-bad-as-feared", a phrase which has become more and more familiar over the last few months. Also possibly adding to today's upside, an Irish Times article which highlighted the results suggested that the not-worst case data could indicate the mortgage slump in Ireland has bottomed out.
The survey showed that 7 out of 10 mortgage brokers saw business decline over the last three months, while, at the same time, 25% said demand for home loans has increased.
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