Shares in Singapore-based Creative surged today after the company and Apple resolved a long-running patent dispute.

Creative's stock closed at S$11.40 (Singapore dollars, about £3.82) on the Singapore Exchange, up 19 percent on the day. Earlier in the session it had climbed as high as S$13.20 (£4.42).

Under the terms of an agreement announced earlier in the day, Apple will pay Creative $100m (£54m) for a licence to use a patent covering the user interface. The deal ends all litigation between the two companies, which had grown to five pending lawsuits.

Additionally, Apple can license the patent to other companies and Creative will later this year start making iPod accessories under Apple's 'Made for iPod' program.