Ap­ple now out­guns all of the FTSE 100 put to­gether

The Daily Telegraph - Business - - Front Page - By Matthew Field and Louis Ash­worth

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.

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