Investors who have put money into quality high yielding blue-chip stocks listed in the FT 100 Index have done well over the past 18 months. Merrion Stockbrokers now suggests a list of defensive growth stocks for consideration by investors from the FT 100 that may bring good returns in the coming period.

Its selection criteria are based on expected earnings growth of 11 per cent over the next year, and the stock must trade on a price to earnings (p/e) ratio of below 20 and have been performing better than the overall market for the past 12 months. Stocks selected on this basis include Tesco, Royal Bank of Scotland, Centrica. 3i Group, Allied Domeq, BHP Billiton, CGNU and Rentokil Initial.

Tesco shares are currently trading at around £2.56 sterling. The group's management has adopted a growth strategy for international expansion, which analysts believe can continue to deliver strong earnings growth. Merrion suggests there is an opportunity for Tesco to deliver substantial growth internationally over the next five to 10 years.

Bank of Scotland has achieved cost savings and has been generating decent growth in its retail and corporate banking businesses in the UK. Merrion believes the bank is capable of delivering above average earnings growth over the next few years even against a slow UK economic backdrop.