Bank of Ireland is recommended as a top stock pick for 2002 by US brokerage JP Morgan Bank. "We see greater valuation support in Europe than US," JP Morgan said in its annual Global Strategy report, issued yesterday.

"Europe remains our preferred destination for new equity investment among the major regions, and we are bringing our position to neutral," it said. Bank of Ireland Asset Management has been one of the best performers in the financial sector in recent years. HBOS and SociΘtΘ GΘnΘrale are also listed as preferred financial stocks.

Earnings disappointments would continue to dominate corporate news as disinflation erodes pricing power from virtually every producer of goods and services, the report said. It recommended healthcare groups Eli Lilly, HCA, Mitsubishi Pharma, Novartis, Pfizer and Pharmacia.