Nintendo shares extend surge

TOKYO: Shares of Japan's Nintendo Co soared more than 20 percent after Friday's surge, adding $7.5 billion to its market value in just two days, on hopes that strong sales of its new Pokemon GO videogame for smartphones will boost earnings.

Nintendo shares were up 23 percent at 0225 GMT on Monday (10:25 p.m. EDT on Sunday) at 19,960 yen in heavy trading after earlier rising as high as 20,190 yen, their highest since November. The stock jumped 9 percent on Friday after Pokemon GO shot to the top of free app rankings in Apple Inc's U.S. iTunes store.

Hopes that Nintendo's long-awaited shift into mobile smartphone gaming will pay off have lifted the company's market value by more than a third since the start of trading on Friday. Trading volume has also shot to its highest since late October 2015.

The game, which sees players walking around their real-life neighborhoods while seeking virtual Pokemon game characters on their smartphone screens, earned enthusiastic early reviews from fans. Analysts have also noted that the money-making potential from in-app purchases appears to be better than expected.

The game, jointly produced by game developer Niantic and Pokemon Company, was launched in the United States last week, as well as in Australia and New Zealand. It is expected to be rolled out in Japan soon.