At $2.3 trillion, Apple more valuable than UK's top share index

Source :IANS
Author :IANS
Last Updated: Thu, Sep 3rd, 2020, 11:18:25hrs
Apple

London: The market cap of Apple has touched $2.3 trillion, surpassing the entire value of all the companies in the Financial Times Stock Exchange 100 Index, also called the FTSE 100 which is the UK's top share index.

While Apple's market value is around $2.3 trillion (1.7 trillion pounds), all the companies in the FTSE 100 have a combined value of 1.5 trillion pounds, reports the BBC.

"Apple shares fell back on Wednesday, but remained ahead of the London index at the close of trading on Wednesday".

Demand for Apple's shares reportedly boosted by the company's decision to divide its shares to make it easier for individuals to invest in the company.

Apple's board of directors had approved a four-for-one stock split, effective from August 31.

Weathering the Covid-19 pandemic, tech giant Apple last month scripted history by becoming the first American firm to hit the $2 trillion mark by valuation.

Apple stock rose to cross the threshold — $467.77 per share — that helped it touch the $2-trillion mark.

The iPhone maker passed the $1 trillion mark for the first time nearly two years ago.

If Apple were a country, it would be classified as the ninth richest one with such market valuation.