Apple knocks Exxon off the shelf

Apple knocked energy giant Exxon off its perch as the world’s most valuable company, albeit just for yesterday afternoon. The technology supplier rose to the top of the stock market […]

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By Tom Gibson

Apple knocked energy giant Exxon off its perch as the world’s most valuable company, albeit just for yesterday afternoon.

The technology supplier rose to the top of the stock market and then settled at second place although many think it won’t be long until it overtakes Exxon again. Apple shares rose as much as 6.1% to $374.61 on the Nasdaq Stock Market, giving it a capitalisation of $347.3 billion.

While Apple’s profits continue to surge, Exxon has found the downturn in the energy markets hard and has dropped $85 a share since trading in July, according to Bloomberg.