Tuesday 05 February 2019 3:44 pm | Updated: Monday 03 June 2019 1:48 am

Apple reclaims its title as the world’s most valuable public company

Apple has taken back its crown at the top of the tech heap, becoming the world's most valuable public company for a second time after losing the title last year.

Boosted by a small 1.7 per cent share price rise as markets opened this afternoon, Apple's market capitalisation rose to $820.8bn (£633.1bn), up from hitting a low of $672.5bn last month.

However its FAANG rivals – the stock market acronym given to big tech firms Facebook, Apple, Amazon, Netflix and Google – aren't too far behind. Microsoft is sitting on Apple's coattails at $818.8bn, while Amazon is at $815.9bn.

Apple lost its title in December after the iPhone creator posted a worrying set of third quarter results, with Microsoft taking the top spot for the first time in 15 years.

The three tech powerhouses have been consistently shuffling places this year, with Amazon also holding the top spot a number of times.

The news follows five straight days of gains for Apple, powered by a surprise earnings beat last week. The tech firm appeared to be coming out the other side after a tumultuous January, in which Apple chief executive Tim Cook published the firm's first warning to investors in 15 years.

Blamed on a global smartphone slowdown and weak trading conditions in China, sales of Apple's iPhone are thought to have dwindled. The Cupertino-based company stopped disclosing data on specific unit sales last year.

The remainder of the FAANGs are also gaining pace, with Google valued at $785bn and Facebook at $490bn.

The news comes after Apple said it had reached a deal with the French government today to pay an undisclosed amount of back-dated tax. Local media outlets have valued the sum at €500m (£440.8m).

“As a multinational company, Apple is regularly audited by fiscal authorities around the world,” Apple France said in a statement.

“The French tax administration recently concluded a multi-year audit on the company’s French accounts, and those details will be published in our public accounts.”