Oil giant Aramco regains top spot from Apple as tech rally fades

SourceGulf Business
SectorOil & Gas
CountrySaudi Arabia

Saudi Aramco is once again the world’s most valuable company after its market capitalisation rose a shade above Apple amid a slump in US technology shares. The state oil giant’s stock has gained 1.1 per cent in Riyadh this month, despite Brent crude dropping 12 per cent to below $40 a barrel as concerns about an acceleration in coronavirus infections mount. Meanwhile, Apple has fallen nearly 17 per cent in September. That’s almost taken the stock into bear-market territory – which is a 20 per cent drop from a recent peak – and the company’s market value has declined to $1.9 trillion from $2.3 trillion. Apple and Aramco are the only two companies to have achieved valuations of $2 trillion. Aramco, the world’s largest oil producer, peaked at just above ...read more...