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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.

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. -- PHOTO: AFP 
 
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