Apple is worth more than all large-cap US energy stocks put together

Apple is now worth more than all large-cap US energy stocks put together. A roaring share rally has pushed the iPhone manufacturer’s market capitalisation to nearly $1.2 trillion, surpassing the value of the S&P 500 energy sector and wresting back the crown of the world’s most valuable listed company from rival Microsoft. Apple’s shares have climbed almost 70 per cent this year, touching a new high of $267.84 this month. That has wrongfooted many fund managers who fell out of love with the company last year on concerns over the mounting trade war and slowing iPhone sales. Apple’s wearables unit came to the rescue, helping revenues beat Wall Street expectations in the third quarter. That has given the company a market cap of $1.19 trillion. While Microsoft’s stock has also enjoyed a banner year, its market cap is $1.16 trillion. By comparison, the overall market cap of the S&P 500 Energy index stands at $1.12 trillion. While swaths of global markets have roared higher this year, oil prices have failed to claw back the losses of the last quarter of 2018, and have mostly meandered around the $60-$70 a barrel range. Natural resources in general have been weighed down by concerns over slowing global economic growth, exacerbated by rising trade tensions between Washington and Beijing. 

Robin Wigglesworth