Exxon Mobil overtakes Apple as world’s most valuable company

Apple surrendered the title of the world’s most valuable company to Exxon Mobil after concern over slowing growth drove the shares to the biggest loss in the Standard & Poor’s 500 Index.

Apple’s reign as the No 1 stock ended after the shares slumped 17% this year.

The decline reduced its market capitalisation to $413.7bn (€306bn), below Exxon Mobil’s $416.5bn.

The switch reflected fading confidence in Apple, whose 15 years of transformation from a near-bankrupt PC-maker to a technology leader dominating the smartphone and tablet market helped it become the most valuable US company ever in 2012. Apple shares have fallen by 37% from a record in September amid fears mounting costs and competition may curtail growth.

“You have one company that had pretty high expectations for it for the future and you have Exxon that continues to chip away slow and steady,” Jason Cooper, 1st Source Investment Advisers, said. His firm owns both Apple and Exxon shares.

“People are coming to the realisation that Apple is losing a little bit of floss and shine.”