Cineworld turns in cash flow positive Q4, Currys sees sales fall over Christmas

London-pre open

The FTSE 100 was being called to open 28.5 points lower ahead of the bell on Friday after seeing out the previous session 0.16% firmer at 7,563.85.

Stocks to watch

Theatre operator Cineworld said on Friday that it had successfully generated positive cash flow in the fourth quarter of 2021 thanks to steady growth in performances and attendances over the period.

Cineworld said box office and concession revenues were "particularly strong" in December, at 88% of 2019's pre-Covid level, driven by the success of Spider-Man: No Way Home across the US, UK and rest of the world as it became the first film to gross more than $1.5bn since the onset of the pandemic.

UK electricals retailer Currys reported a fall in sales over the peak Christmas period as a tough comparator year, uneven customer demand and supply disruption hit revenues.

The company said on Friday that revenues fell 5% year-on-year in the 10 weeks to 8 January but rose 4% versus 2019 and guided for annual pre-tax profits of £155.0m.

Newspaper round-up

The global surge in demand for energy could spark another three years of market volatility and record power plant pollution unless countries make major changes to how they generate electricity, the world's energy watchdog has warned. The International Energy Agency recorded the steepest ever increase in electricity demand last year, which triggered blackouts in major economies and led to historic energy price highs and record emissions. - Guardian

Google has announced a $1.0bn (£871.0m) deal to buy the London development Central Saint Giles, calling the move a show of confidence in the return to more office working. The US tech firm currently rents space in the brightly coloured development designed by the architect Renzo Piano, which is located in the centre of the capital, near Oxford Street. - Guardian

The chairman of BT's network arm Openreach has emerged as the frontrunner in the race to oversee Ofcom, in a process being led by Sue Gray even as she investigates parties in Downing Street. Mike McTighe has applied to head up the board at the media and telecoms regulator after previous attempts by Boris Johnson to install Paul Dacre, the former editor of the Daily Mail, triggered a political storm.- Telegraph

Jaguar has reported a collapse in sales, including of the I-Pace, its sole zero-emission vehicle. The company, which aims to be Britain's leading electric carmaker, delivered only 14,400 vehicles in the fourth quarter of last year, 48% down on the final three months of 2020 and 25% lower than the third quarter of 2021. - The Times

One of America's most prominent private equity firms landed on the public markets with a bang yesterday, with its shares jumping by 15% after its initial public offering. TPG was valued at more than $10.0bn by a robust flotation that is likely to reassure investors trying to gauge the mood on Wall Street towards new company listings. - The Times

US close

Wall Street stocks closed in the red on Thursday, with big tech names on the slide, as investors digested December's producer price index and this week's jobless claims figures.

At the close, the Dow Jones Industrial Average was down 0.49% at 36,113.62 and the S&P 500 was off 1.42% at 4,659.03, while the Nasdaq Composite slid 2.51% to 14,806.81.