If the annual general meeting of the Pre-School Playgroups Association votes as expected to endorse its new identity as the Pre-School Learning Alliance first

If the annual general meeting of the Pre-School Playgroups Association votes, as expected, to endorse its new identity as the Pre-School Learning Alliance (first launched in February this year), then we should all be talking about pre-schools instead. As from today playgroups, officially, no longer exist. Profits hit pounds 9.5m last year and should top pounds 13m this year The shares were little changed at 452p.. The group lacks a dominate shareholder and could find a determined assault difficult to resist. Capital is expected to lift profits from pounds 26.5m to pounds 32.5m this year and could hit pounds 37m next. PG has apparently been keen on the shares for some time; Merrill has just returned them to its buy list.rMore O'Ferrall, the poster company where Roger Parry, ex-Aegis, is due to become chief executive, is attracting some discreet takeover whispers. But such stories have often circulated since it arrived, at 40p, on the old 4.2 share market in May.British Biotechnology, interim figures today, jumped 50p to 1,043p and Toy Options, figures tomorrow, added 3p to 110p.TAKING STOCKrCapital Radio, taking in Capital FM and Capital Gold, jumped 27p to 504p with Merrill Lynch and Panmure Gordon keen on the shares But a deal for 900,000 shares at 505p caused the excitement.

There are rumours that it is near to announcing a deal with a big motor group. He picked up the shares from Hambros and Hambro Countrywide at 20p. Hambros and Hambro Countrywide are bidding 20p for up to 27.9 per cent of the rest of SCH, up 7.5p to 23.5p.Antonov, the AIM-listed group developing an automatic gearbox, enjoyed another run, up 20p at 108p. Retailers continued to suffer from the lack of Budget inspiration, with Marks & Spencer off 5.5p at 447.5p.Lower interest rate hopes helped builders higher but many utilities failed to hold much of the progress achieved on the back of the absence of any "windfall" tax.South Country Homes, a classic shell situation, at last produced the signalled corporate deal, with the ex-Cope Allman chief, Richard Grogan, buying 27.9 per cent and joining the board.

Matthew Clark jumped 29p to 655p as Panmure Gordon decided the shares were mispriced and moved into the market. HP Bulmer gained 10p to 494p.Breweries failed to hold their Budget ferment, with Bass falling 10p to 687p. Queensborough, the leisure group, returned to market at 29p with trading nudging 7 million shares.The cider groups recovered their Budget losses. Rolls-Royce, a likely beneficiary of any UAE deal, rose 3p to 178.5p.Great Universal Stores was the subject of more buy-back rumours. With Cazenove and Barclays de Zoete Wedd making encouraging noises ahead of next week's figures, the shares gained 14p to 615p.Lloyds Chemists, up 11p to 268p, remained under the speculative whip, and the builder YJ Lovell again attracted keen buying, gaining 3p to 25p.British Steel, meeting fund managers in Edinburgh, put on 3p to 170.5p.The engineer L Gardner, placed at 125p, made an impressive debut, reaching 146p; the retailer Revelation achieved a 5p premium at 105p. But stories that it is preparing an important deal continue to flow in Paris.