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iPhone 5 sparks Apple share rise to $700

Apple shares rose to an all-time record of $700 in after hours trading thanks to the imminent release of the iPhone 5.

The rise was sparked by the tech giant’s latest smartphone which garnered more than two million pre-orders after its first day on sale, more than twice the iPhone 4S sold in the same period.

Sales of the iPhone 5 were so strong that Apple claimed demand had exceeded initial supply, with many deliveries now scheduled for October instead of the September 21st launch date.

This time last year shares in Apple were worth $400, with share prices almost doubling since then to make the US firm the richest company of all time, with little sign of slowing down.

Shares closed at $699.78, $8 higher than the previous close.

For more information on the iPhone 5 and its capabilities, you can read our run-down here.

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