iPhone share price rises in the wake of Samsung smartphone recall

Shares in Apple gained 2.4 per cent on Tuesday as investors predicted a surge in iPhone sales. Samsung, the computer giant’s main rival in the smartphone market, was forced to issue a massive product recall earlier this month. Batteries in dozens of Galaxy Note 7 handsets have caught fire; in one case injuring a six-year-old boy. Apple has gained AED 99 billion in market value since last Friday, while Samsung stock has fallen AED 80 billion over the same period.