Apple gains in trading after stock split
Published on Jun 10, 2014 6:29 AM
NEW YORK (AFP) - Apple shares swung higher on Monday as investors remained upbeat on the US tech giant in the first day of trading after a 7-for-1 stock split.
Apple gained 1.6 per cent to close at $93.70. Before the split on Friday, shares edged lower to US$645.57, but remained close to its all-time highs.
The stock split, announced earlier this year, has no impact on the underlying value of Apple, but such a move can give a company a psychological boost by lowering the cost of each share.
Under the split, the fourth in Apple’s history, shareholders received seven of the new shares for every old share they owned.
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