Nintendo shares post biggest decline in three weeks
Nintendo shares took a big hit recently, posting its biggest decline in three weeks according to Bloomberg. This decline happened after Nintendo announced that Japan‘s government will sell its stake, which is about 1.4% of the outstanding stock.
“The news suggest a worsening of share supply and demand, and comes at the time of concern that the stock’s price is high,'” said Yoku Ihara, head of equity research at Retela Crea Securities Co. in Tokyo.
Bloomberg reports that the stock fell 2.7 percent to 32,950 yen on the Osaka Securities Exchange today. The 1.987 million shares held by the government will be priced between March 5 and March 8, Nintendo said on Feb. 23. The stake is valued at 67.3 billion yen (US$ 557 million) as of Friday.
According to Nintendo spokesman Ken Toyoda, the company initiated the sale by approaching The Banks’ Shareholdings Purchase Corp., a government-controlled body. Nintendo is currently looking to increase the number of individual shareholders in order to increase liquidity.
Via Bloomberg
Nintendo shares took a big hit recently, posting its biggest decline in three weeks according to Bloomberg. This decline happened after Nintendo announced that Japan‘s government will sell its stake, which is about 1.4% of the outstanding stock.
“The news suggest a worsening of share supply and demand, and comes at the time of concern that the stock’s price is high,'” said Yoku Ihara, head of equity research at Retela Crea Securities Co. in Tokyo.
Bloomberg reports that the stock fell 2.7 percent to 32,950 yen on the Osaka Securities Exchange today. The 1.987 million shares held by the government will be priced between March 5 and March 8, Nintendo said on Feb. 23. The stake is valued at 67.3 billion yen (US$ 557 million) as of Friday.
According to Nintendo spokesman Ken Toyoda, the company initiated the sale by approaching The Banks’ Shareholdings Purchase Corp., a government-controlled body. Nintendo is currently looking to increase the number of individual shareholders in order to increase liquidity.
Via Bloomberg