Apple Valuation Soars Past FTSE 100: $2.2 Trillion
Cupertino tech giant Apple has seen its valuation overtake the entire FTSE 100 index – comprising the UK’s largest listed companies – as its soars past the US$2 trillion dollar mark.
The iPhone manufacturer’s performance during the coronavirus pandemic contrasts London’s historic blue-chip companies, shares jumping a notable 75% this year.
By comparison, companies such as Shell and HSBC have lost nearly a quarter of their value since the start of 2020.
The news comes after Apple became the first American company to notch a valuation over US$2 trillion, further climbing to a new record of US$2.268 trillion (£1.69 trillion) earlier this week.
By contrast, the FTSE 100 slumped to its lowest level since the mid-May on Tuesday, with the index valued at around £1.5 trillion.
Market commentators state that the UK index missed out on the technology sector boom prompt by home-bound employees during the coronavirus pandemic.
Lockdown restrictions have sparked a boom in online shopping, digital services and in-home entertainment.
Apple’s recent valuation spike comes after it completed a 4-for-1 stock split, making its shares “more accessible to a broader base of investors.”
The company is set to unveil its 2020 range of iPhones in coming weeks – missing its historic September unveiling – which will debut 5G-support and new camera components.