Australian Stock Surges After Being Mistaken For GameStop
Sumaira FH Published January 28, 2021 | 10:50 AM
Sydney, (UrduPoint / Pakistan Point News - 28th Jan, 2021 ) :A little-known Australian mining company saw its share price soar as much as 50 percent on Thursday, after investors appeared to mistake it for the similarly named cult US stock GameStop.
GME Resources Limited -- listed as "GME" on the Australian Securities Exchange -- surged in early trading, with the market taking an unexpected interest in the tiny Western Australia-based nickel miner.
Trading volume in the company was at more than 20 times the normal average, leading some to believe that GME had been mistaken for GameStop, which has the ticker "GME" on the New York Stock Exchange.
GameStop, a struggling US video game retailer, has seen its stock surge about 1,000 percent in two weeks after a group of amateur investors active on the online forum Reddit banded together to fight the Wall Street funds that had pushed its price lower.
"When I opened my share tracking app and saw it was at 9.4 cents, I was stunned," GME's managing director Peter Sullivan told the Sydney Morning Herald.
"It just went bang, and I thought, 'well, what's going on here'? Is there something about my own company that I don't know?" The company's management had no idea what was happening until a younger family member explained.
"There were emails and text messages from people flying around, and eventually my brother's son, who works in Sydney, told us it was about speculation to do with the ticker GME."Close to the end of trade on Thursday, the Australian company was still trading up 19 percent for the day, beating the country's top listed firms, which were down more than two percent.
Related Topics
Recent Stories
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
4 hours ago -
Iranian president Raisi given guard of honour at PM House
1 day ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
2 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
2 days ago -
Cattle farming vital to alleviate poverty in rural areas
2 days ago -
Pakistan: A land of tourism, archeological wonders
3 days ago
-
Transforming education sector: from job hunters to job creators
5 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
8 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
9 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
9 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
12 days ago -
Radio Bahawalpur to broadcast Eid programs
15 days ago