Shares in Apple are at their highest point in 2016, in a development financial analysts are attributing to the calamitous launch of the Samsung Galaxy Note 7.
Samsung yesterday announced it is permanently halting production of its flagship smartphone.
The move was made after replacement devices sent to consumers began exploding, despite Samsung saying just last week that its global exchange programme was working smoothly.
Apple’s shares have for a long time stayed fairly static. But with Samsung struggling and Google’s new Pixel and Pixel XL phones only just launched, investors seem to see Apple as a safe bet. The Californian company’s shares are up by 1.6% to $116.05.
"The Apple share price was doing nothing for over a year – it was considered ex-growth – now it's possibly the only game in town when it comes to buying a mobile phone," said one analyst.
Others added that because the similarly proportioned iPhone 7 Plus was the only established major rival to the Galaxy Note 7, Apple’s sales figures were likely to be bolstered.
Apple hasn’t revealed iPhone 7 sales figures, with overall iPhone sales for September to December not due to be released until January 2017.