Apple now outguns all of the FTSE 100 put together
APPLE is now worth more than the entire FTSE 100 after the iPhone maker’s stock surged during the pandemic and British businesses were hammered by lockdown.
In sterling terms, Apple is worth approximately £1.65 trillion, while the whole FTSE 100 is worth just under £1.63 trillion following a dip in its value yesterday.
Its value has surged more than 75pc since the start of the year after investors bet that lockdown would turbocharge demand for its devices as customers work and shop from home.
Meanwhile, the FTSE 100 has dropped 23pc due to concerns over the global economy. As a result Apple is worth more than all 100 blue-chip companies – including the likes of global bank HSBC, consumer goods behemoth Unilever and oil majors BP and Shell. Between them, FTSE 100 firms employ around 5m people compared to Apple’s 137,000.
Apple’s share price continued its climb on Monday, rising 3.4pc after a stock split made buying its individual shares cheaper. The California company cut each $500 (£371) share into four $125 shares.
Apple said it had approved the split so a broader base of investors can afford to buy its stock. Such splits are not uncommon among US listed firms.
On Aug 19, Apple hit a market cap of $2 trillion, becoming the first public US company to reach that milestone.
In contrast, the FTSE 100’s fall since January leaves it among the world’s worst-performing stock indices.