Apple shares close at all time high

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Firms shares closed on New York Stock Exchange at over $100 for first time since they split stock in June

Apple’s shares closed at an all-time high on Tuesday ahead of the expected launch of the iPhone 6 next month.

Shares in the Californian tech giant ended at $100.53, up 1.4 per cent for the day, and the highest ever closing level when adjusted for the 7-for-1 stock split they announced on June 7.

Their previous record high was back in September 2012 following the launch of the iPhone 5 when shares hit $705.07, or $100.72. Apple has since split their stock in to seven to make it more accessible.

The high comes with next generation of iPhone expected to be unveiled at a launch event scheduled for September 9. ┬áRumours have been rife about the next iPhone, which is predicted to include an ‘unbreakable’ 5.5 inch sapphire glass screen, a 13 megapixel camera and the latest edition of Apple’s IoS software, IoS 8.

Morgan Stanley analyst Katy Huberty had recommended that her clients buy more Apple shares on Tuesday.

“Apple shares do not price in upcoming hardware, software, and services innovation,” Huberty said. She predicted that the new iPhone should accelerate sales whilst the potential launch in to an emerging market – such as the rumoured iWatch smartwatch – could potentially shift 60 million units in its first year.

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