Goodbody Stockbrokers has also been issuing recommendations for investors focusing on the smaller Irish companies. The broker is highlighting where investors can find value at the moment, contending that while smaller companies remain out of favour further corporate activity in the sector this year may provide a focus for investors.

Stocks such as Barlo, Grafton, Greencore, Green Property, Golden Vale, Irish Continental Group, ITG, Jurys Doyle, Kingspan, McInerney and United Drug feature on its buy list. Goodbody is also positive in terms of its recommendations on Adare, Anglo Irish Bank, Athlone Extrusions, Dunloe, First Active and Horizon.

Despite the low ratings afforded to many of these companies, Goodbody notes that half of the Republic's small publicly quoted companies are forecast to grow earnings at more than 17 per cent this year.