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CMA probes fake Amazon, Google reviews | travel stocks falter
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10.30pm: S&P 500 at new record
The S&P 500 Index of America’s most valuable public companies climbed to another new record high, up 0.33%, capping a five-day rise of 2.5%. It was propelled by consumers buying athletic gear and used cars.
4.45pm: Travel stocks fail to take off
Despite the easing of travel restrictions there was no take-off for airline and leisure stocks.
Shares in British Airways owner IAG closed down 4.7p, or 2.45%, at 187.48p, EasyJet was 14.4p lower at 955p, Ryanair was 0.22 cents off at 1€6.4. TUI was 4.6p lower at 405.6p, and Wizz Air was down 60p at 5,018p.
The FTSE 100 closed up 26.1 points at 7,136.07.
Tesco held its annual shareholder meeting on Friday morning and avoided a repeat of the scenes a year earlier when investors voted against the remuneration report.
Just 8.2% voted against the pay package for executives. Shares closed up 1.15p at 224.5p.
8.45am: London lifted by Biden agreement
London stocks edged up in early trade on the back of US President Joe Biden’s bipartisan agreement on an infrastructure deal.
The FTSE 100 was trading 9.6 points higher at 7,119.53.
7.07am: CMA launches formal probe into fake reviews
The Competition and Markets Authority has opened a formal probe into Amazon and Google over concerns that they have not been doing enough to combat fake reviews on their sites.
The move comes after an initial CMA investigation, which opened in May 2020, and assessed several platforms’ internal systems and processes for identifying and dealing with fake reviews.
7am: New chairman at AG Barr
Former Dairy Crest chief Mark Allen has been appointed as an independent non-executive director and chairman designate with effect from 1 July, succeeding John Nicolson in the chair.
Mr Nicolson will step down from the board prior to the next AGM in May 2022, following nine years as a non-executive director, seven of which have been as chairman.
Zoe Howorth will join the board as a non-executive director, with effect from 1 July.
Progress on US president Joe Biden’s infrastructure package prompted another uplift on Wall Street.
The Dow Jones Industrial Average shot up 323 points while the broader-based S&P 500 jumped 25 points, with infrastructure-related stocks unsurprisingly going especially well.
Asia caught the positive mood with Japan’s Nikkei 225 up by 202 points and Hong Kong’s Hang Seng 328 points higher.