Updates from the Co-op and Carillion

The FTSE 100 finished 0.06% up, 3 points up, at 6308.2 on Friday. Glencore Xstrata was the biggest riser of the day, up +3.20%. HSBC Holdings saw the greatest investor sell-off, down -1.49%.

The Dow Jones ended Friday down 105 points at 15,070. Overnight, Asian shares have risen with the Nikkei +2.48 higher at 13,001.

We commence with soon-to-be-announced news from the Co-op, and a rescue operation to deal with its balance sheet. The Co-op - forced to withdraw from a £1bn deal to buy more than 600 Lloyds branches in April - has to raise much of £1.5bn from converting bonds into shares, though at the risk of behaving more like a bank than a mutual.

It's likely a formal announcement, agreed with the Prudential Regulation Authority (PRA), will be made later this morning. What is increasingly apparent that taxpayer input into an agreement is unlikely, though there remains a question mark about the impact for smaller Co-op investors.

The Co-op's banking arm is now headed by Richard Pym, ex chief of Alliance & Leicester plus Niall Booker, formerly from HSBC's North American business, which is hoped will add confidence to the deal process.

Next, commodities player Polymetal, under some pressure recently following falls in gold and silver prices. Polymetal says ordinary shares are to be traded on the MICEX Stock Exchange, a subsidiary of the Moscow Exchange.

Trading in the shares on MICEX is expected to commence on 20 June. Recently Russian Polymetal (and steelmaker Evraz) were demoted from the FTSE 100 to the FTSE 250 index (replaced by house builder Persimmon and building materials company Travis).

"We expect that listing on the Moscow Exchange will help Polymetal broaden its investor base," says the company, "and attract various categories of Russian domestic institutional and retail investors."

Lastly, construction player Carillion has been awarded a £130 million contract by the Oman Tourism & Development Company - a company set up by the Government of Oman to deliver major projects in tourism - to construct exhibition halls, an energy centre and a three-storey car park.

The contract forms part of the Oman Convention and Exhibition Centre Project, which has an estimated construction value in the region of £1 billion. The Carillion 18-month contract, scheduled to begin in July 2013, involves the construction of 13 buildings, including exhibition halls with a gross floor area of 45,000m2.

This contract was classified as a probable order in Carillion's Interim Management Statement on 1 May 2013. Carillion had its Buy rating restated by Panmure Gordon in a report released on Friday.