Internet search engine leader Google has hit a record share price of $600 (£295), it has emerged.

According to Reuters, the company began today’s trading well and briefly hit the $600 mark for the first time since its floatation on the stock market in 2004.

The news agency points out that the investor confidence may be due to the search engine’ s increasing strength in the online advertising and internet marketing sector.

Last week Robert Peck of Bear Stearns was one of an increasing number of analysts that predicted that the firm could even reach the $700 mark stating that currently the firm was outperforming everyone else in the sector.

"Google continues to gain market share in search queries while continuing to face a bevy of competitors," he said.

He added that recent advances by the company in acquiring online radio, video and marketing media had seen the company add "a layer of value that is absent from its competitors’ portfolio of offerings and which has the potential to yield significant financial rewards".

Last month’s Hitwise search engine market share report saw Google retain its lead over Yahoo!, Microsoft, and others with a 64 per cent share of the market.

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