Saudi Aramco briefly becomes world’s top-valued company as shares surge

RIYADH: Saudi Aramco briefly became the world’s top-valued company as its shares soared to yield a SR9.24 trillion ($2.463 trillion) market cap on Tuesday.

Shares of the oil giant hit SR46.2 in early trading, pushing its market valuation higher than that of tech major Apple, valued at $2.461 trillion, according to data by Bloomberg.

Aramco’s stock price slightly retreated later in the day to trade at SR46.05 as of 11:53 a.m. Saudi time, implying a market valuation of SR9.21 trillion.

With the latest share movement, the company is now the second-largest firm by market cap after Apple.

Aramco has been constantly hitting record highs, thanks to strong oil prices that continue to soar to date.