Monday, 14 September 2020

Oil Giant Aramco Regains Top Spot From Apple as Tech Rally Fades - Bloomberg

Oil Giant Aramco Regains Top Spot From Apple as Tech Rally Fades - Bloomberg:

Saudi Aramco is once again the world’s most valuable company after its market capitalization rose a shade above Apple Inc. amid a slump in U.S. technology shares.

The state oil giant’s stock has gained 1.1% in Riyadh this month, despite Brent crude dropping 12% to below $40 a barrel as concerns about an acceleration in coronavirus infections mount.

Meanwhile, Apple has fallen nearly 17% in September. That’s almost taken the stock into bear-market territory -- which is a 20% drop from a recent peak -- and the company’s market value has declined to $1.9 trillion from $2.3 trillion.



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