WHAT goes up must come down. And that yo yo movement is even more frequent in markets.

Yesterday saw a down. Not the type of down accompanied by shivers or apprehensions. Instead, a very ordinary down caused by good old profit taking.

Taking advantage of the recent upsurge, investors were content to collect in some of the gains in a day which saw bonds rising. This was particularly apparent from the leaders.

The banks which had led the pack were a little lower, but not by much. It was more like a little shaving off the prices. AIB, for example, saw 2p fall to 417p. The slide at Bank of Ireland was equally gentle with a 1.5p decline to 572p.

CRH was not immune to the general trend. While it initially rose 3p to 640p, it later fell to 632p, a 5p decline on the day.

Irish Continental Group went against the trend despite the profit drop at the pre tax level announced last week. This, however, was due to write offs as a result of its 25 per cent investment in Bell Lines.

One of the write offs was once off - a write down to nil in the value of its investment in Bell Lines. Also, growth is expected this year. The shares rose by a further 5p to 435p. Even at this level the shares are prospective p/e of about which is undemanding.

Ewart, which does not deal that much, had a movement with a 4p sterling rise to 60p sterling. Its counterpart in the Republic, Green, went in the opposite direction with a 3p fall to 247p.

Adare had a little spurt. It trotted ahead by 5p to 600p.

DCC, which usually moves in a narrow band, was in a bright mood. It surged ahead by 8p to 270p.

Irish Life was a weak market, falling by 2p to 281p. Irish Permanent was at first weak, falling 3p to 505p, but recovered by the same amount to end up unchanged at 508p.

Powerscreen has not dealt since January 7th. But yesterday it partly made up for that lack of activity by going up by 8p to 585p. Greencore was also on an up, but not by as much, gaining only 2p to 390p.