Market overview: 11 May

• Higher gas and power prices have been offsetting lower usage levels this year at Centrica , leaving the gas and electricity provider trading in line with expectations.

• Oil and gas services group Petrofac has said that its year-to-date performance has been in line with expectations and it still remains on track to grow net profits by at least 15 per cent in 2012.

• International services firm Serco is to retain its contract to manage and operate the UK Atomic Weapons Establishment - the arm of the military which builds and maintains Britain's nuclear warheads.

• Soaring fuel costs contributed to a larger than expected first quarter loss at International Consolidated Airlines Group , the airline formed by the merger of British Airways and Iberia.

• International Power has, together with parent company GDF SUEZ, sold a large stake in Bahrain's Hidd Power Company (HPC).

• Speciality insurance company Catlin Group has seen an increase in the amount of premiums written in the three months to the end of March, while avoiding any catastrophe claims.

• Spanish broadband and telecoms group Telefonica saw net profit fall by over a half in the first quarter after struggles in its home market.

• Investment trust, British Assets Trust , has seen its net asset value rise broadly in line with its benchmarks as equities recovered in the first three months of 2012.

• Harri Natunen, the new Talvivaara Mining Co mpany Chief Executive Officer, has barely been in the position two weeks but has already started making big changes.

• Yet more panic has been caused in a British board room this week after 67 per cent of investors in car dealer Pendragon voted against the company's remuneration report.

• Under pressure travel firm Thomas Cook said that summer bookings have improved in recent weeks but, as expected, first half seasonal losses have widened.

• Synthetic fuels company Oxford Catalysts has signed a tie-up with Russian oil giant Rosneft to help design and construct a gas-to-liquids demonstration plant.

• UK Coal , which barely two weeks ago was trumpeting a return to profit in 2011, was down in the dumps on Friday morning after revealing a sharp decline in first quarter production.

• Corin , the manufacturer of replacement hip and knee joints, says it has seen growth in all its markets except Australia and describes the start of the year as 'strong'.

• Gleeson the house builder and strategic land specialist, says it has opened seven new sales outlets since the end of last year and seen an increase in reservations.

• Plumbers merchant Wolseley has completed the sale of its UK retail business Bathstore, as part of its non-core disposal programme.

• Vladimir Kim, the Chairman and major shareholder of diversified mining giant Kazakhmys , told investors on Friday that he would hand over his duties to a new independent Chairman so that the company could meet regulations on corporate governance.

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