Dublin report: The Irish market made a very quiet start to the week with muted volumes across the board. The Iseq started out relatively strongly but spent the rest of the day moving downwards to close 25 points lower.

Home builder McInerney was one of the few news makers, reporting a 16 per cent increase in pretax profits last year. The results came in ahead of analysts' expectations, but the company also announced details of an €86.8 million rights issue, news that dealers said would usually push shares lower.

Under the proposals, existing shareholders will be offered one share for every five they hold at a price of €13, a 22 per cent discount on the stock's closing price on Friday. The money raised will be used to fund acquisitions, including the purchase of Lancing in Britain, which was announced yesterday.

The stock added 20 cent, or 1.2 per cent, to close at €16.95. Volume, however, was light.

Yesterday marked the first day of Ryanair's two-for-one share split. The stock closed at €6, with dealers reporting significant interest around the €5.90 level. As many as three million units changed hands.

Elsewhere, Kingspan put in a strong performance, adding 40 cent, or 1.9 per cent, to end the day at €21.50, though volumes were again light.

Dealers reported decent interest in drinks group C&C ahead of a trading update tomorrow. The shares added eight cent, to close at €11.90.

Food group Kerry, which is due to release full-year results today, was up 13 cent, at €20.46, while United Drug, which has its annual general meeting this morning, closed up three cent at €4.03.

The financials were quiet, characterised by low volumes and limited movement.