TomTom shares surge on Apple deal

Updated: 
TomtomShares in Dutch navigation device maker TomTom have surged on news that the company is to supply map data to Apple.

They rose 12% to 3.65 euro (£2.96) in Amsterdam.

TomTom said it had struck a deal to supply the US hardware giant with "maps and related information" but will not disclose any other information.

SNS Securities analyst Martijn den Drijver said association with Apple will boost TomTom's image and give it access to Apple's huge user base. However, it is not clear how much TomTom will profit directly.

TomTom has performed poorly in comparison to larger competitor Garmin, and in April reported a 1.5 million euro (£1.2 million) first quarter loss, with sales down 12% to 233 million euro (£188.7 million).

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