Apple will hold a special event on Wednesday, and the excitement is building up over another expensive iPhone. (AP Photo/Richard Drew, File)

WASHINGTON - Apple will hold a special event on Wednesday, and the excitement is building up over another expensive iPhone. 

WATCH

APPLE SHARES RISE

Apple rose the most in five weeks on heavier-than-average volume as investors piled in on the eve of the company’s annual iPhone introduction.

The shares rallied 2.5 percent Tuesday, increasing the gain since the start of the year to 32 percent. More than 35 million shares changed hands, which is 1.4 times the three-month average. 

Apple shares were trading at $223,85 per share at 9:30 GMT on the Nasdaq. 

The company is expected to unveil three new iPhone models in Cupertino, California on Wednesday.

The three new models Apple is expected to introduce this week will likely boost Apple’s average smartphone price by 5.4 percent year on year to $793 (R11 974.03) in fiscal year 2019, according to Goldman Sachs Group’s analysts.

-BUSINESS REPORT/REUTERS