For their private clients, most stockbrokers continue to recommend "the old reliables" like AIB, Bank of Ireland, CRH and Irish Life.

The standard recommendation to the private investor is to plump for blue-chip stocks and buy when they are weak. Financial experts say that those who plan to play the market - buying and selling stock on a regular basis to realise shortterm profits - tend to go for high-risk speculative stocks but the long-term investor is likely to fare better with solid stocks with a track record of profit growth, particularly in the current volatile environment.

"With the high level of uncertainty in the market, investors should look for stocks with the characteristics of quality and safety," says Mr Paul Turpin of Goodbody's private client division. "The emphasis should be on the larger, liquid stocks."

Most analysts believe the two main banks should continue to reap the benefits of healthy growth in the Irish economy while Irish Life has the added bonus of having a significant brand name in a business that is set to grow.

Analysts also continue to favour CRH. "It's a good solid performer, a well-managed, well diversified company. You won't go too far wrong with that," says Mr John Keilthy, head of NCB's private client division.

For those seeking "a bluechip with a little extra" he recommends Elan because pharmaceutical stocks are always a good defensive option in times of volatility. "Even in bad times, people get sick and need drugs," he says.

Secondline stock that receive a thumbsup for the private investor include Clondalkin, Green Property, Irish Continental Group, Kingspan, Ryanair and United Drug - companies with strong franchises or healthy exposure to the Irish market.

According to Goodbody, stocks that are oversold and should make some progress from current levels include Waterford Wedgwood and Smurfit.

Investors are also urged to keep an eye on First Active after the float while Irish Permanent is regarded as a solid buy.