Apple shares hit record closing price as anticipation for new gadgets builds

Shares in tech giant Apple closed at a record high price of US$100.53 (A$108.00) on Wall Street overnight, when the price is adjusted for the company’s seven-for-one stock split in June.

Apple’s previous split-adjusted closing record high was US$100.30.

Apple stocks also hit an intraday high of US$100.68 in mid-afternoon trading, just missing Apple’s intraday record high from September 21, 2012, when stocks hit US$100.72.

The Financial Times reports the surge was fuelled by the anticipation of Apple’s new products, including wearable devices and a payments service in the coming months.

Apple stock will often rally in the lead-up to new product launches, only to fall back to a steadier rate once the new gadget goes on sale.

Less than a month out from the highly anticipated release of the iPhone 6, there has already been a considerable amount of hype around Apple’s newest phone.

The company is also expected to release a wearable iWatch later this year.

The record close does not mean Apple is now worth more than ever, however, as Apple had bought its own shares during its previous share buyback program.

According to Forbes, Apple’s valuation is actually tens of billions below where it once was.


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