Nintendo adds another $3 billion as Robinhood traders press play

Nintendo Co. added another $3 billion in market value in Tokyo on Monday with retail investors on the Robinhood app cited as helping to further boost the game maker’s popularity.

Nintendo has been one the strongest-performing blue-chip stocks in Japan this year, as the pandemic, together with the release of its smash-hit Animal Crossing: New Horizons game, helped boost the already high popularity of its Switch console. Shares are up more than 70% from their March low, and have hardly looked back since passing the 50,000 yen barrier in June, with earnings earlier this month blowing past all estimates and Nintendo software continuing to dominate sales rankings in Japan.

The stock added another 4.8% on Monday, the biggest gain since March 19, with Daiwa Securities Co.’s Eiji Kinouchi citing the impact of the stock’s popularity with US retail investors.