ScS finance chief stepping down, Softcat appoints new CFO

London open

The FTSE 100 was expected to open eight points lower on Friday, having closed down 0.19% on Thursday at 7,558.49.

Stocks to watch

Furniture and floorings retailer ScS said on Friday that chief financial officer Chris Muir plans to step down. In a very brief statement, the company said the process to identify a successor will begin immediately. Muir has a 12-month notice period and will remain with the business while a successor is identified and to facilitate a smooth handover.

IT infrastructure provider Softcat said on Friday that it has appointed Dr Kathryn Mecklenburgh - the current interim chief financial officer of online fashion retailer Asos - as its new CFO. Mecklenburgh, a senior finance professional, has held a number of finance leadership roles across a range of industries and blue-chip firms, including Amazon, Serco and Procter & Gamble.

Newspaper round-up

UK farmers are receiving negligible profits for many items as food prices rise and supermarkets boast record takings. An average block of cheese or loaf of bread produces less than a penny for farmers, and fruit producers do not fare much better, making just 3p from each kilo of apples. – Guardian

French oil giant TotalEnergies has become the first major North Sea operator to cut investment as a direct result of Rishi Sunak's windfall tax. The €157bn (£134bn) company is to reduce planned spending on new wells by a quarter next year as the levy forces drilling businesses to reexamine their plans. – Telegraph

Royal Mail has accused striking staff of assault and intimidation against workers crossing the picket line as the dispute between the two sides becomes increasingly bitter. One person was headbutted while some employees were followed and filmed, according to claims made by the company as strikes entered their fifth month. – Telegraph

The former head of the competition regulator is set to take a job at a US consultancy where he will advise on anti-trust issues. Andrea Coscelli, who stepped down as chief executive of the Competition and Markets Authority in July after six years, will set up a new London office as co-head in Europe of Keystone Strategy. – The Times

Britain’s third-biggest cinema chain is ready to swoop on a rival in a “huge consolidation play” ahead of a possible stock market flotation. Tim Richards, who founded Vue International in 1999, confirmed the company was ready to take advantage of any opportunities that presented themselves as speculation mounts that Cineworld could be broken up. – The Times

US close

Wall Street stocks were mostly lower at the close on Thursday, having surged in the previous session after Federal Reserve chair Jerome Powell suggested a slowdown in the pace of rate hikes was on the horizon.

At the end of trading, the Dow Jones Industrial Average was down 0.56% at 34,395.01 and the S&P 500 was off 0.09% at 4,076.57, while the Nasdaq Composite managed gains of 0.13% to 11,482.45.

The Dow closed 194.76 points lower, taking a bite out of the serious gains it recorded on Wednesday after Powell’s remarks.

A series of data points were in focus earlier in the session, with market participants digesting news that Americans wage and salary growth had accelerated in October, supporting faster consumption.

According to the Department of Commerce, personal incomes grew at a month-on-month pace of 0.7% in October.