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Apple shares close at $700 on iPhone 5 pre-orders

  • Apple shares closed at a record high of nearly $700 on Monday as the firm received two million pre-orders for its newly released iPhone 5.

    Most will be delivered to stores later this week.However, some customers may have to wait until October to received their new handsets due to high demand.

    The latest model was unveiled in San Francisco last week.

    Apple shares ended $8.50 higher at $699.78, a rise of 1.23 percent on the day.

    The firm’s shares have gained more than 70 percent since the start of the year.

    The previous record for pre-orders was for the iPhone 4S, which hit one million in the first 24 hours.

    Industry analysts estimate that Apple could sell up to 10 million iPhone 5s by the end of the month, reaching 50-60 million by the end of the year.