Market Commentary, Jordan Hiscott, ayondo
Jordan Hiscott, Chief Trader at ayondo markets
“Apple on verge of breaching £1trillion, as rest of market reacts nervously to North Korean missile test”
“The potential for conflict has never been closer following the latest of ICBM missile test from the North Korean regime, with the firing of a missile over Japan certainly raising the already-high stakes. As you would expect, global indices and risk assets in general felt the force of the trepidation related to this, all moving lower in dramatic fashion.
With this is mind, Apple outperformed hugely to the upside, trading up to all time high of $163.12. This puts Apple’s market capitalisation at a whopping $815billion, meaning if the shares rally another 14-15%, they will become the first ever company to breach the $1trillion market capitalisation.
“Catalysts for this latest move up could be the company’s generous dividend pay-out or the gigantic cash pile. For me, it’s the imminent launch of the iPhone 8, due for September 12. With the iPhone being Apple’s flagship product this could be a defining moment for the company.”
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