We received an interesting tome in this week from NCB in its role as a member of the somewhat grandiosely named European Securities Network (ESN). This is a group of European securities houses, some of which Current Account has never heard of - Egnatia Securities in Athens, Banca Akros in Milan, Caixa Valores in Lisbon for example.

The tome contains the usual list of recommendations on a host of European stocks, including one "British" stock called Grafton and an "Irish" stock called Galen! Nit-picking aside, the document at least has the nerve to recommend investors to sell so-called blue-chips like Diageo, Rolls Royce, Sainsbury and Wessanen.

"Buy" recommendations are slapped on First Active, Smurfit, AIB, DCC, Jurys, Grafton (GB!), Anglo Irish and Galen. "Accumulate" recommendations - brokerspeak for buy a little - are given to Bank of Ireland, Independent, CRH, Kerry, Parthus, Ryanair, Irish Life and Kingspan, while "hold" is slapped on IAWS and Elan.