Ireland's manufacturing growth at three-month high in June

Ireland's manufacturing sector increased at a three-month high in June, according to a survey published on Friday.

The manufacturing purchasing managers' index (PMI), compiled by financial group Investec, climbed to 53.0 in June from 51.5 a month earlier.

The manufacturing PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 285 industrial companies.

The survey was concluded the day before Britain voted to leave the European Union, according to Investec.

Investec is a leading international, specialist-banking group with headquarters in Johannesburg, South Africa.

Investec Ireland chief economist Philip O'Sullivan said Irish manufacturers reported a welcome, albeit slight and uptick in the rate of growth in new orders in June.

There was a very welcome return to growth in the new export orders component, where the previous 34 month sequence of expansion had come to an end in May, O'Sullivan said.

In Ireland, 14 percent of local merchandise exports go to Britain.

Given sterling's recent sharp fall against the euro and wider global uncertainties, he was cautious around the near-term prospects for this component.

"There are some indications within the report that firms were conservatively positioned going into the referendum. For a second month in a row there was only a very slight increase recorded in the quantity of purchases index, while stocks of purchases contracted for a second month running," he said. Enditem