Apple’s iPhone X is sending shares in suppliers soaring


Shares in firms supplying Apple's new iPhone X have been boosted after strong demand for the devices.

Shares in Apple itself closed more than three per cent higher on Friday when the device was finally released for pre-ordering. The tech giant said demand was "off the charts" easing concerns over consumer interest.

Read more: Delivery dates for the iPhone X are getting later. Customers aren't happy

Shares in Dialog Semiconductor were up more than five per cent in early trading and led Europe's Stoxx 600 index higher. And AMS jumped more than four per cent and STMicroelectronics shares were up by more than three per cent.

IQE, a Welsh chip maker reportedly providing some of the new tech for the iPhone X shot up more than five per cent.

Read more: iPhone X issues are set to take a bite out of Apple's profits

That continued the trend from Asia, where Hon Hai Precision Industry, better known as Foxconn, was up more than one per cent and Semiconductor Manufacturing Co gained nearly two per cent.

Apple is due to reveal its latest earnings this week, though the full-year figures will not include pre-order sales for the iPhone X and only the first few days of sales for its other newly released model, the iPhone 8. Analysts believe demand for the iPhone 8 has been subdued as fans await the iPhone X.

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