Nintendo shares up on GameCube US shipments

Nintendo Co. Ltd. shares rallied 3

Nintendo Co. Ltd. shares rallied 3.7 per cent today after the Japanese game maker unveiled its new GameCube and announced higher launch shipments of the home computer console to the US.

Nintendo ended trade 680 yen higher at 19,150 yen, outperforming the headline Nikkei index which edged up only 0.35 per cent, or 39.39 points, to 11,166.31.

"Nintendo stock was technically in recovery mode to begin with. And then the announcement of the product launch attracted the attention of market participants," said Mr Hiroichi Nishi, markets analyst at Nikko Securities.

"The shares are still well supported and likely to turn in a solid performance at least in the short run," Mr Nishi said.

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Nintendo yesterday unveiled the long-awaited GameCube game console at a Tokyo computer fair, and said it planned worldwide sales in the first year of four million units in a bid to zap gaming rivals Sony and Microsoft.

The company said it planned to ship 500,000 units of the new machine at its domestic launch on September 14th.

AFP