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Almost £70bn was wiped from Apple’s value after European regulators fined the US tech giant £1.5bn for breaching music streaming laws.
The iPhone maker was accused of preventing streaming apps like Spotify from telling customers they can subscribe for a cheaper price if they don’t use Apple’s App Store.
The European Commission said Apple had abused its dominant position in the music streaming app distribution market and violated EU antitrust rules in the process. Apple said it would appeal the decision.
But the shares fell 3.1 per cent, reducing their value by almost £70bn.
Back in London, the FTSE 100 fell 0.6 per cent, or 42.17 points, to 7,640.33 and the FTSE 250 lost 0.5 per cent, or 105.3 points, to 19,249.08.
Apple was accused of preventing apps like Spotify from telling customers they can subscribe for a cheaper price if they don’t use Apple’s App Store.
Clarkson shares rose after it capitalized on growing demand for its services despite disruptions in the Red Sea.
Record results from FTSE 250 shipping data firm showed revenue rose 5.9 per cent to £639.4 million in 2023, while profits rose 9 per cent to £108.8 million of pounds sterling.
“We are optimistic about the road ahead,” said President Laurence Hollingworth.
“Global trade continues to grow in both scale and complexity, and the green transition in shipping is advancing apace.”
Yesterday the shares gained 3.1 per cent, or 115p to 3,790p.
Senior engineering group said “momentum is building” in its aerospace division as it continues to recover from supply chain issues that hit trade.
Stock Watch – Renalytix
Shares of a kidney disease test developer soared after it was approached about a potential acquisition.
Renalytix received an “unsolicited approach from a large, well-capitalized, publicly traded strategic diagnostics company.” Following the proposal, the group has reviewed its business and put itself up for sale.
But Renalytix said it could still choose to remain an independent company listed in London and New York. The shares rose 26 per cent, or 10.4p, to 50.4p.
Group revenue rose 14 per cent to £963.5 million last year, while profits rose 2 per cent to £22.8 million. The shares rose 1.3 per cent, or 2p, to 161.5p.
Wizz Air carried more than 4 million passengers last month, up 15.8 percent from the same period last year.
However, the airline’s load factor (the proportion of seats occupied) fell 3.3 percentage points to 90 percent. The shares fell 0.9 per cent, or 20p, to 2,215p.
AstraZeneca took a step closer to approval by EU regulators for an antibody drug it made with pharmaceutical company Daiichi Sankyo to help treat adult patients with lung and breast cancer.
But shares in the blue-chip company fell 0.3 per cent, or 34 pence, to 10,046 pence.
Sticking with health, Halma bought a Dutch group that designs and manufactures cervical cancer screening products for around £73 million.
The company, which is behind dozens of groups that create life-saving products such as safety barriers, said Rovers will be part of its healthcare division. The shares fell 0.1 per cent, or 3p, to 2,299p.
Vertu Motors has had a much-needed respite after second-hand car prices have stabilized in recent weeks.
Prices fell by a tenth between October and December as a cocktail of economic woes, including higher interest rates, hit consumer demand. But that market turmoil has since subsided. The shares rose 3.7 per cent, or 2.5p, to 70p.
Municipal broker Berenberg encouraged its clients to buy BT shares, arguing that the investment case for putting money into the telecoms giant should be much clearer by the end of this year. The stock rose 1.4 per cent, or 1.5p, to 106.15p.