ContourGlobal resilient amid 'unprecedented turbulence', Sage posts flat H1 revenue and profits

London pre-open

The FTSE 100 was being called to open 55.5 points higher ahead of the bell on Friday after closing out the previous session 1.56% weaker at 7,233.34.

Stocks to watch

Wholesale power firm ContourGlobal said on Friday that its diversified business remained "resilient and well positioned" despite "unprecedented turbulence" in global energy markets.

ContourGlobal stated it performed ahead of the internal expectations during the first quarter and, as a result, confirmed its first-quarter dividend payment of USD 4.9115 cents per share, representing a 10% year-on-year growth, underpinned by "strong operating cash flows" and a 15% year-on-year growth in adjusted underlying earnings to $208.0m.

Software provider Sage Group reported flat interim profits and revenue on Friday as organic growth in all regions was offset by disposals and foreign exchange headwinds.

Sage said pre-tax profit fell 1% to £189.0m in the six months ended 31 March, while revenues slipped to £934.0m from £937.0m.

Newspaper round-up

Twitter announced the departure of two top leaders in a major shakeup that comes as billionaire Elon Musk is working to close a $44.0bn deal to acquire the company. In an email to employees on Thursday, chief executive Parag Agrawal said Twitter's leaders for consumer product and revenue will leave the company. Agrawal said the company was temporarily pausing hiring, and would review all existing job offers to determine whether any "should be pulled back". - Guardian

Pressure is mounting on the government to deliver an emergency summer mini-budget after recession fears were heightened by a surprise contraction in the economy in March. Evidence that the cost of living crisis was biting even before the arrival last month of dearer energy bills and higher taxes led to a sharp selloff in shares and a drop in the pound's value to a two-year low against the US dollar. - Guardian

Water companies and broadband providers will be slapped with hundreds of thousands of pounds in penalties for botched works that leave potholes or poor quality roads under a crackdown by Grant Shapps. The Transport Secretary is targeting utility companies with the rollout of a new inspections unit to address "the plague of potholes" on the country's roads. - Telegraph

Millions of homeowners face negative equity as interest rates rise and property prices collapse, leaving them unable to sell. Britain’s post-credit crunch age of rock-bottom borrowing costs is at an end, while interest rates on some mortgages have doubled in a matter of months. The housing market faces a reckoning. - Telegraph

Merger talks between Vodafone and Three in the UK have been revived as consolidation in the European telecoms market gathers pace. A tie-up between Britain's third and fourth-largest mobile network operators has been a prospect for some time, although discussions last year failed to lead to a deal. - The Times

US close

Wall Street stocks were mostly weaker at the close on Thursday as inflation data continued to weigh on sentiment.

At the close, the Dow Jones Industrial Average was down 0.33% at 31,730.30 and the S&P 500 lost 0.13% to 3,930.08, while the Nasdaq Composite managed to eke out gains of 0.06% to 11,370.96.

Reporting by Iain Gilbert at Sharecast.com