As Apple’s share rally has continued, reaching an all-time record of $2.2tn on Monday, London’s blue-chip companies, from Shell to HSBC, have lost a fifth of their combined value this year.
The most valuable company in the FTSE 100, Dove and Marmite maker Unilever, is worth £115bn, close to one 20th of the market cap of Apple. In total the FTSE 100 is valued at £1.5tn.
Businesses in tech and e-commerce, from Apple and Amazon to online retailers, have experienced a boom during the pandemic as consumers turn to digital services for entertainment and shopping while stuck at home during lockdown. The FTSE 100 is light on technology businesses and heavily populated by companies badly affected by the pandemic in sectors including property, aviation, hospitality and bricks-and-mortar retail.