Apple shares hit fresh record

SHARES in Apple hit a record high yesterday as momentum over the launch of the iPhone 5 pushed the stock past $700 for the first time.

After the firm sold more than 2m iPhones in the first 24 hours of pre-orders, Carphone Warehouse revealed it had taken more than four times as many orders for the new model as any handset ever.

Apple’s shares yesterday rose above the landmark $700 point in pre-market trading yesterday, before nudging highs of $702 even as rival manufacturers unveiled new models. The closing price was $701.91.

Google-owned Motorola unveiled its first UK phone since it was bought by the search giant last year, the Razr i, while struggling South Korean firm LG showed off a new flagship device.

Apple’s success did not pay off for all its partners however. British firm Volex, which supplies a connector for older iPhone models, saw shares drop 26 per cent as it revealed it was not making the iPhone 5’s connector.