Drug stocks and banks in favour with investors

Despite bullish long-term prospects, some managers are predicting a slow second quarter for indices, with the notable exceptions of Switzerland and Ireland. In its equity strategy report for April, Salomon Smith Barney forecasts 14% annual returns for the Irish ISEQ, and a rise of 13%, in the Swiss SMI. These figures are not outstanding from the perspective of predicted double-digit returns on Austria, Belgium, Denmark, Finland, Norway, Portugal, Spain, Sweden, and the UK. However, Salomons think none of those markets will show strong returns until later in the year. Patricia Maxwell-Ar...