‘Pokemon Go’ doubles Nintendo’s stock price and market cap

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FILE - In this Tuesday, July 12, 2016 file photo, Pokemon Go players Ana Valentina Ojeda, right, and Jaeden Valdespino, second from right, check their smartphones as they look for Pokemon at Bayfront Park in downtown Miami as the "Pokemon Go" craze has sent legions of players hiking around cities and battling with "pocket monsters" on their smartphones. Nintendo suffered as a latecomer to smartphone games but is seeing the deep wealth of its franchise characters pay off with the success of “Pokemon Go,” even without a launch yet in Japan. The Japanese game maker was starting to look like a casualty of history until the game was launched in the U.S. earlier this month. Not anymore. (AP Photo/Alan Diaz, File)

The stock price of Japanese game maker Nintendo Co. has more than doubled since the launch of the wildly popular augmented reality game “Pokemon Go” on July 6.

Nintendo rose 14 percent in heavy trading Tuesday on the Tokyo Stock Exchange, closing at 31,700 yen ($300). The Kyoto-based company accounted for nearly one in four shares that changed hands on the TSE’s main board. The sharp rise has doubled its market capitalization to 4.5 trillion yen ($42.4 billion).

“Pokemon Go,” a smartphone app that uses Google Maps to overlay reality with Pokemon creatures, was developed by Niantic, a Google spinoff that Nintendo invested in last year. The game has yet to be released in Japan and the rest of Asia.

From Agencies, Feature image courtesy AP

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