A few brave investors are piling into struggling stocks such as Smurfit and CBT hoping for a recovery. Both have taken a hammering and investors can pick them up at heavily discounted prices. There are of course no guarantees that either stock will be able to stage a strong recovery.

In a recent report on Smurfit, Goodbody Stockbrokers, stated it could see little downside in the share price at current levels, even if 1999 forecasts have to be downgraded due to continuing linerboard weakness. It suggests that while the share price may remain in the doldrums in the short term, there is substantial upside on a 12- to 18-month view. CBT is also trading at close to all-time low levels. The main short-term hope for investors in this group is that it may eventually be taken over - a move which will once again drive the share price forward.