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August 20, 2014

Upcoming iPhone 6 launch sends Apple shares to new high

New handset among several devices rumoured for launch next month.

By Vinod

Apple’s shares have closed on a record high ahead of a series of new product launches next month.

The company’s shares closed at $100.53 last night, up 1.4% for the day, and the highest closing level ever when adjusted for Apple’s 7-for-1 stock split initiative, introduced earlier this year.

Apple’s previous high closing price of $702.10 (or $100.30 adjusted for the split) came on September 19, 2012, two days before the iPhone 5 went on sale, with investors seemingly hoping for similar results this time around.

Next month is heavily rumoured to see the launch of Apple’s latest smartphone, the iPhone 6, which could come in two different sizes, alongside a possible iWatch device, marking the company’s first foray into the increasingly popular wearables sector, and refreshes of its existing iPad and Mac product lines.

September 9 is regarded by many observers as the most likely date, after Apple booked in a media event for that day.

Apple announced in June that it would be giving investors six additional shares for every Apple stock they owned as it looked to deal with the overwhelming demand for investment in the company. The split made it much cheaper to invest in the company, as shares began trading at $93, with stockholders also receiving more of Apple’s large cash hoard.

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Despite the rising share price, Apple still remains behind its highest-ever market capitalisation of over $665 bn, which it hit in August 2012, with the current market cap valued yesterday at just over $602bn.

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