Ap­ple of global in­vest­ment’s eye

The Star Early Edition - - BUSINESS REPORT/INTERNATIONAL -

A RISE in Ap­ple shares on Tues­day pushed the mar­ket value of the trend-set­ting US tech icon above $700 bil­lion (R7.7 tril­lion), be­com­ing the first company to hit that mile­stone. Ap­ple shares rose nearly 1 per­cent in morn­ing trade to $119.75, mak­ing its mar­ket cap­i­tal­i­sa­tion some $701.7 bil­lion. The shares were fluc­tu­at­ing in a nar­row range later. The maker of the iPhone and iPad is by far the world’s most valu­able company by stock mar­ket value, well ahead of Exxon Mo­bil at $403 bil­lion and Mi­crosoft at $394 bil­lion. In­vestors and an­a­lysts were up­beat on Ap­ple at the start of the hol­i­day shop­ping sea­son, ex­pect­ing strong sales dur­ing the gift-giv­ing pe­riod that kicks off in the US with Thurs­day’s Thanks­giv­ing hol­i­day.

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