Another stock being tipped as a buy is Elan. NCB Stockbrokers believes the pharmaceutical giant remains a good bet despite the current downturn in the share price. The stock has come under pressure mainly as a result of investor concerns about its aggressive accounting practices.

NCB suggests these concerns will shortly be alleviated and adds that their impact on the share price is rapidly diminishing in any case. The brokers support Elan's contentions that its accounting practices have been supported by underlying commercial logic and have helped its transition into a fully integrated pharmaceutical company. It recommends investors should buy the shares at $69.5 (€65.63).