Google shares hit record high as it starts streaming music market to take on Spotify

Google's market value rose beyond $300bn last night after its shares closed above $900 for the first time.

The gains, which came as the company stole a march on Apple by making an entry into the streaming music market, were the latest in a months-long rally in Google's shares as investors grow confident in the Californian company's ability to draw profits from mobile devices.

As the stock rose by more than 3 per cent to close at $915.89, Google unveiled its new All Access music service at a San Francisco event. It will allow users in the US to listen to unlimited songs for a monthly fee of $9.99, following a 30-day trial. Those who sign up before the end of June will be offered a lower fee of $7.99.

The announcement , which positions Google against companies such as Spotify, comes against a backdrop of reports indicating Apple is working on making an entry into the streaming market.