James Lee
07:58 (BST)
01/09/2008
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Nintendo shares climb 3.7%
Nintendo's shares rose for a second day, by 3.7 per cent to close at JPY 53,700 (USD 497.8), after the company increased its profit forecast, as reported by Bloomberg.
The company increased its end of year profit forecast by 26 per cent last week, prompting three brokerages to raise their investment ratings. August 29 saw the company's shares climb 8.7 per cent, bringing the total rise in Nintendo's share price to 12 per cent - the biggest two day advance since July 2007.
"For Nintendo to make such an aggressive jump in forecasts at this stage suggests that not only does it have a good idea about the holiday season, it knows the post-Christmas restocking demand and this looks very favourable," Pelham Smithers, an analyst at Pali, wrote in a report dated August 29.
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