Published on May 29th, 2017 | by Sofia Vida0
Nintendo Shares Just Touched an 8 Year High
Nintendo shares saw their highest trading price in eight years on Friday after news revealed that a major game would be coming to the console maker’s new Switch.
Capcom, the game studio responsible for hits like “Street Fighter” and “Resident Evil” will be releasing “Monster Hunt XX” on the Nintendo Switch that just debuted this spring.
Nintendo shares closed at 33,510 yen (or $300.71) which was not only a 5.48% increase from the day before but the highest price the stock has seen since October 2008. The move made Nintendo grow $2.2 billion in market cap.
The game may not be that known in America but in japan it’s a big hit. “People were buying the 3DS just because of the game. A lot of investors are expecting a similar effect with the Switch,” Serkan Toto, CEO of Japanese gaming consultant and advisory group, Kantan Games, told CNBC in a phone interview on Friday.
“It sends a signal that one of the A-list developers in the world is bringing one of their top games to the Switch, and you can also make the point when they do that that others might follow,” Toto said.
Nintendo shares are up 36.5 percent year-to-date.
“Pokemon Go” and “Mario Run” have been big winners for the company. Nintendo’s new Switch console has already sold 2.74 million units this year.