WA mining company sees surge in share price after ASX mix up
A WA mining company has seen a massive surge in it’s share price, after being confused with a New York gaming company.
Video game retailer, Game Stop, is listed as GME, sharing the same trade ticker with WA mining company GME Resources.
Stocks for Game Stop began to surge last year after smaller investors on Reddit banded together to increase demand for the stocks on the US Stock Exchange.
Managing Director of GME Resources, Jamie Sullivan, told 6PR’s Gareth Parker, the confusion caused GME Resources share prices to increase by up to 80 per cent yesterday.
“Initially we weren’t sure what was happening, and it took a while to filter through that it was all to do with our ASX ticker, which is the same as Game Stocks,” he said.
“Obviously people aligned the two and maybe thought they were getting into Game Stop at a bargain price.”
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(Photo: iStock by Getty Images.)