STEADY two way trade continued on the Irish market yesterday, but on this occasion the trend was downward with most of the leaders slipping back with some signs of profit taking after the market hit its recent highs.

Financials were weaker across the board with AIB back down 6p on 513p while Bank of Ireland was 5p lower on 715p.

Other financials were also weaker with Irish Life off 3p on 342p while Irish Permanent - which had traded thinly in recent weeks - was dawn 5p on 628p. Takeover speculation continued to support Woodchester on 290p - a fall of 5p on the day.

Comments by Dr Michael Smurfit at the Smurfit Group annual general meeting that the bottom of paper cycle has been reached failed to impress the market and the share fell 3p to 189p.

CRH was unchanged on 673p, while Greencore - the focus of lots of bullish broker talk since its interim results - came back 5p to 350p but was sell supported at that closing level.

Hibernian gained 8p to 370p, Powerscreen was 11p higher on 706p while Ryanair suffered its first minor setback since its flotation with a 2p fall to 353p. Waterford Foods gained more ground and was 2p higher on 130p on speculation that the prospects of getting shareholder support for the Avonmore merger have improved.

Gilts were virtually unchanged with many still nervous about the EMU and the prospects for the market if next week's Amsterdam summit fails to ratify the stability pact.