London pre-open: Cautiously lower

1st Sep 2009 07:40

While bourses on the European mainland set about clawing back some of the losses suffered yesterday London, which was closed yesterday, looks set to open lower with traders predicting the FTSE 100 will open around 7 points lower at 4,901.Asia-focused bank Standard Chartered has agreed to sell its entire 14.85% stake in BC Card to Korean private equity firm Vogo Fund and its affiliates for an undisclosed sum. As at 31 December 2008, total gross assets of BC Card were about $1.5bn.Dr. Nigel Wilson is joining the Board of Legal & General as group chief financial officer, replacing Andrew Palmer, who will retire from the board with immediate effect, but who will remain with the company until the end of the year to ensure an orderly handover.Self-storage operator Safestore saw an increasing level of enquiries an new lets in the three months to end-July. Activity picked up noticeably in July, the company said. Revenue for the nine months to 31 July 2009 rose by 1.7% from the corresponding period of last year.Majestic Wine, the Aim-listed wine retailer, has changed a major plank of its business strategy by reducing the minimum in-store purchase to six bottles from twelve.Scottish cashmere group Dawson International saw first half losses widen and said the outlook for the full year remains very challenging. Pre-tax losses rose to £3.13m in the six month ended 4 July compared with a loss of £2.30m last time. Turnover fell to £24.1m from £28.2m previously.Drug developer Skyepharma's US launch of asthma treatment Flutiform will be delayed for two years at least after the US Food and Drug Administration insisted on more data on dosing.Better news from the pharmaceuticals sector was provided by Dechra Pharmaceuticals, which upped it dividend by 10% as it reported a 38% rise in full-year profit. The company, which focuses on the veterinary sector, ssaw pre-tax profit rise to £16.1m in the year ended 30 June compared with £11.7m last time, while revenue increased 15% to £350m.NewRiver Retail, the commercial property investment and asset management company, said it has raised £25m through a placing at a price of 250p per share.