NCB downgrading recommendations on Irish stocks

NCB Stockbrokers yesterday announced a downgrading in recommendations on a number of Irish stocks — including all of the main financial players — due to the deteriorating economic outlook.

In each of their half-yearly results announcements this week, AIB and Bank of Scotland (Ireland) both said they don’t foresee any recovery in the economy until late 2009 or early 2010.

Yesterday, NCB disagreed with the Central Bank’s upbeat forecast that the economy might pick up by 2% next year, instead saying that we might officially hit recession before the end of this year.