The Irish market lost more than 0.8 per cent yesterday as European markets remained weak and the Iraqi situation continued to cast a shadow. "It was a dull news day, driven by overseas sentiment," one dealer said.

Full-year results from Irish Life & Permanent were the main feature of the day, and were slightly better than expected, although dealers noted that they were artificially boosted by actuarial re-assumptions.

"The market took comfort from the fact that no great hole emerged in the balance sheet and that the dividend was being paid," one dealer said. The stock closed eight cents higher at 8.95.

Other financial stocks lost ground, however, with AIB off nine cents at 11.96 and Bank of Ireland 14 cents lower at 10.13. However, FBD shares jumped by 15 cents to 5.80 after the release of full-year results.

CRH failed to build on Tuesday's 7 per cent gain on the back of robust 2002 results, shedding seven cents to 12.13.

Galen was one of the bigger losers on the day, losing 20 cents or more than 4 per cent, to 4.45 as investors reacted negatively to a study of Wyeth's hormone replacement therapy drug, Prempro. The study showed the drug may cause some memory problems.

Elan also gave up ground, closing 17 cents lower at €3.21 while DCC remained weak, shedding 18 cents to 9.27.

Ardagh shares lost 95 cents to 0.55 as the share price adjusted to the demerger of the company's international glass-making operations last week.