BUX up in high turnover supported by strong OTP
The Budapest Stock Exchangeʼs main BUX index finished up 1.54% at 24,280.93 Friday after gaining 1.10% on Thursday.
The BUX index was below the break-even mark for the first few hours of trading but then started sharply strengthening and was outperforming Western European peers by the end of trading.
Turnover was high on Friday because of OTPʼs earnings report. OTP said in a report its Q4 earnings were up, and its CFO said the lender expected to pay a HUF 167-per-share dividend on last yearʼs profit.
MOL was meanwhile helped by higher oil prices as the per barrel price of Brent grew by 3.45% to USD 38.35 and WTI was up 3.24% at USD 35.69.
Moodyʼs is scheduled to publish a review of Hungaryʼs sovereign credit rating late on Friday which is also spurring share purchases.
OTP gained 2.66% to HUF 6,360 on turnover of HUF 15.21 bln from a HUF 24.28 bln session total.
MOL was up 2.58% at HUF 15,285 on turnover of HUF 4.70 bln.
Magyar Telekom climbed 0.91% to HUF 444 on turnover of HUF 1.07 bln.
Richterʼs share price decreased 0.38% to HUF 5,210 on turnover of HUF 3.14 bln.
The bourseʼs mid-cap BUMIX finished 0.46% lower at 1,730.49.
During the week the BUX index gained 4.56%, while total weekly turnover was HUF 75.07 bln. The BUMIX finished the week 1.52% higher.
For the week OTP gained 5.39% on a turnover of HUF 37.72 bln, MOL was up 9.33% with a turnover of HUF 14.93 bln, Magyar Telekom climbed 2.78% with a turnover of HUF 5.79 bln and Richter edged up 0.19% with a turnover of HUF 14.36 bln.
Elsewhere in the region, the WIG-20 in Warsaw was down 0.19% while Pragueʼs PX index gained 0.75%.
Western Europeʼs major indices were up at the end of trading according to preliminary data. The FTSE100 in London gained 1.12%, the DAX30 in Frankfurt was up by 0.73%, and the CAC40 in Paris was up 0.81%.
ADVERTISEMENT
MNB Monetary Council Leaves Base Rate on Hold
Hungarian Lawmakers Ratify Finland's NATO Accession
Visa Launches She’s Next Grant Program in Hungary
HIPA Awards 'Investors of the Year'
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.
