London pre-open: Small step forward expected

Encouraged by Wall Street's late surge yesterday UK stocks are set to start the last day of the week on a firm footing. It's been a week in which Footsie has largely taken small steps, however, and the theme looks set to continue at the outset with traders expecting the blue-chip index to open no more than 20 points higher.

Global pharmaceuticals leviathan GlaxoSmithKline has dumped its remaining 4.5% holding in former subsidiary Maxygen. Glaxo said it no longer owns any shares in the US-based protein drug developer after selling its entire holding of 1.433m shares.

Liberty has confirmed rumours it is talking to potential buyers after receiving approaches to take over the 134-year-old luxury department store group. For the last six months, bosses have been seeking investors who could bring capital and expertise to help develop and grow the business both within the UK and internationally.

Emissions exchange operator Climate Exchange saw 2009 revenues grow strongly to £33.61m from £22.78m in 2008, but sales were below expectations of £34.32m. The company swung back into the black, with a pre-tax profit of £2.15m, compared to a loss of £2.54m the year before, but analysts had been expecting a profit of £2.59m.

Nightclub operator Luminar has instigated a 'rigorous' cost cutting plan after the recent cold snap added to what were already weak sales. For the financial year as a whole, same outlet sales were 9.9% below the previous year as a direct result of a reduction in customer numbers, it said.

Upmarket cooker manufacturer Aga moved back in the black as sales picked up in the second half of the year.

The group posted a profit of £0.5m for 2009, down from £14.4m last time, but a recovery from £2.4m loss at half-way. Sales for the year dropped from £279m to £245m.

Dragon Oil has completed and carried out initial testing of the Dzheitune (Lam) A/142 and 13/143 development wells in Turkmenistan, its first two of the year.

Yule Catto's joint venture subsidiary, Revertex (Malaysia) has exchanged conditional contracts with HB Fuller Company for the sale of adhesives business Revertex Finewaters.

The consideration for its 63% effective interest in Revertex Finewaters is Malaysian Ringgit 55.6m (£11m) representing an 8x multiple of EBITDA in 2009. The consideration will be paid in full in cash at completion.