Facebook hits a fresh high

City A.M. Reporter
FACEBOOK shares rose more than three per cent to a new high yesterday, valuing the world’s largest social network at $106bn (£67bn), as investors focused on its recent mobile advertising advances ahead of a speech by its chief executive.

The stock briefly hit $45.07 shortly after 2 pm on the Nasdaq – highs not seen since its initial public offering. The shares closed at $45.04.

Chief executive Mark Zuckerberg is expected to speak today at the Techcrunch Disrupt conference in San Francisco.