BUX finishes up after late rally
The Budapest Stock Exchangeʼs main BUX index finished up 1.04% at 26,899.84 Tuesday after gaining 1.89% on Monday.
The BUX index showed strong gain in early trade and was still up almost 0.50% around noon. During the afternoon the BUX index briefly fell below the break-even mark, but then it rebounded and rose sharply to finish at its intraday high at the end of trading. Out of the four blue-chips Magyar Telekom failed to keep pace with the others.
In Western Europe stock prices rebounded as investors were speculating that a selloff last week had been overdone. Banks and carmakers advanced.
OTP gained 0.99% to HUF 7,130 on turnover of HUF 3.05 bln from a HUF 6.75 bln session total.
MOL was up 0.51% at HUF 16,595 on turnover of HUF 1.07 bln.
Magyar Telekom was down 0.21% at HUF 465 on turnover of HUF 541m.
Richter climbed 2.30% to HUF 5,596 on turnover of HUF 1.93 bln. Citigroup raised its target price for Richter to HUF 5,450 with a recommendation to hold after the earlier recommendation to sell.
The bourseʼs mid-cap BUMIX finished 0.55% higher at 1,786.25.
Elsewhere in the region, the WIG-20 in Warsaw was down 1.26% while Pragueʼs PX index gained 0.61%.
Western Europeʼs major indices were up the end of trading. The FTSE100 in London gained 0.74%, the DAX30 in Frankfurt was up by 0.59%, and the CAC40 in Paris by 0.28%.
International oil prices rose as the per barrel price of Brent jumped by 3.35% to USD 45.09 and the per barrel price of WTI gained 2.07% to USD 44.34.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.