Dublin Report:It was a sleepy Monday in the Irish market yesterday as news that C&C had sold its soft drinks division for what analysts described as an "excellent" price failed to provide momentum.

The Iseq index of Irish shares declined in line with its European peers, ending the day marginally lower at 9,574 after recovering from a more substantial drop earlier in the day.

Shares in C&C added 3.5 per cent, or 42 cent, to close at €12.40 as the market welcomed the €250 million sale of its soft drinks unit to UK group Britvic. The division includes Ireland's leading mineral water brand Ballygowan, although dealers said this was the only growth product in the brands sold.

Talk also centred on suggestions that the sale was perhaps a precursor to a trade sale of C&C's Magners and Bulmers cider brand, however dealers said it would be a while before that could be achieved.

Elsewhere DCC shares failed to react to the near 17 per cent increase in full-year pretax profits. The stock slipped 18 cent, or 0.7 per cent, to close at €25.14 on light volumes. Dealers said the market had been expecting a more definitive update on the sale of Manor Park Homes, the property group in which DCC has a 50 per cent stake. The company said yesterday the sale process was ongoing.

Independent News & Media was another loser, although given its strong run recently on the back of stake building by telecoms tycoon Denis O'Brien dealers were not surprised.

The shares closed down 2.3 per cent, or 8 cent, at €3.72.

The day was not a good one for Aer Lingus either, which fell 1.7 per cent, or 5 cent, to €2.97 as the stock played catch-up to the recent declines by fellow airlines Ryanair and easyJet, which it had so far avoided.