Shares of Apple stable as iPhone 5 launch countdown continues

Shares of Apple have risen by a massive 75 per cent year on year and by 64 per cent since the beginning of the year.

And it looks as if this trend is likely to continue as the iPhone 5 event debuts at 10am PST (6pm UK). Early trading in Apple stock shows a small rise as investors wait for the events to unfold in a few hours.

Last year, Apple shares rose by around 1.7 per cent after the launch of the new iPhone before gaining nearly 13 per cent within one week as millions awaited the day when the iPhone went on sale which happened on 14 October.

The company is now valued at more than $600 billion, more than Google, Microsoft and Hewlett Packard put together and could possibly break its own 52-week high which currently stands at $683.29.

Apple is expected to make the iPhone 3GS obsolete latter today, a move that will allow it to have a higher baseline, ideal for post-iOS6 platforms, with retina display and devices with at least 512MB of RAM.

ITProPortal will be reporting live on Apple’s announcement later tonight so make sure you stick with us and bookmark our live blog as we find out more about the new products and services launched by the tech giant.

Other than the iPhone 5, we expect to see a cheaper version of the iPhone 4S, an iPad mini and potentially a 13in Macbook Pro with Retina Display.