London pre-open: Lower start expected

7th Jan 2010 07:38

Footsie is expected to give up some of its recent gains in early dealings as the company news flow picks up following the Christmas break.Sainsbury's said a record Christmas performance completed a strong third quarter in which like-for-like sales, excluding fuel, rose by 3.7%. Like-for-like sales, including fuel, rose by 3.8% in the 13 weeks to 2 January, while like-for-like sales excluding fuel and VAT were up by 4.2%.Housebuilder Persimmon saw a rise in the number of home sales on which it achieved completions in the second half of 2009, but said it remains cautious on mortgage availability and the general economic situation.Drugs firm AstraZeneca has come to an agreement with Israel-based rival Teva Pharmaceuticals generic version of Astra's Nexium ulcer capsules. Astra will withdraw its patent litigation against Teva and has granted Teva a licence to enter the US market with its generic esomeprazole on 27 May 2014, subject to regulatory approval, or earlier in certain circumstances.Corporate infrastructure giant Autonomy has won what it termed 'a significant licence agreement' with UK defence firm BAE Systems. As is usually the case with Autonomy, financial details were not disclosed, though it went so far as to reveal that the contract award was for a seven figure sum.Business is finally stabilising all over the world for recruitment firm Hays, while Asia Pacific has seen a modest quarter on quarter improvement in demand. While the quarter on quarter picture is looking better, the year on year comparisons continue to make miserable reading. Net fees in the final quarter of 2009 - the second quarter of the company's financial year - were down 24% from a year earlier, and 30% lower on a like for like (lfl) basis.