Warner Chilcott provided the main focus for the market yesterday as shares in the company formerly known as Galen were hit by worries ahead of the release of third quarter results next week.

Although the share price was unchanged at €9.40 in Dublin, it lost more than 10 per cent in London, its main market, at one stage before clawing back some ground to close nearly 7 per cent lower at 562p sterling.

It wasn't the only pharmaceutical stock to take a battering as Elan remained weak, shedding 60 cents, or 3.6 per cent in Dublin, to €16.10 while also giving up more than 3 per cent in New York.

Overall, the Irish stock market lost 0.6 per cent of its value as international markets remained jittery about rising oil prices.

Oil-sensitive stocks in Dublin felt the pain with Irish Continental Group shedding 45 cents or more than 4.5 per cent to €9.40.

Despite the release of a decent set of first quarter results on Tuesday, Ryanair also found it hard to make headway, giving up five cents or more than 1 per cent to €4.28.

Fruit distributor Fyffes was the most actively traded stock yesterday with more than 10 million shares traded, including one large block of seven million. The share price closed six cents or 3.5 per cent higher at €1.77.

Shares in C&C gained three cents to €2.66 as Goodbody Stockbrokers set a one-year share price target of €2.75 for the stock and rated it as an "add".

Heiton shares gave up five cents to €6.25 while Grafton shares shed a similar amount to €6.75 as the market awaited news of a link-up between the pair.

The main banks drifted lower yesterday with AIB giving up 12 cents to €12.78 while Bank of Ireland shed six cents to €10.84 and Anglo Irish Bank was also down six cents to €12.99.

Other movers included the Kerry Group, which added 10 cents to €17.50 as its defensive qualities proved attractive to investors in the current uncertain environment.