BUX up on Fed relief, Richter


The Budapest Stock Exchangeʼs main BUX index finished up 0.97% at 22,537.66 Thursday after shedding 0.27% Wednesday. It is up 35.49% from year-end, after losing 10.40% last year.

In line with most European markets that continued to convalesce after the Fed painted a slightly brighter picture of the U.S. economy than in June in its Wednesday evening statement without appearing any more aggressive than expected on the timing of an interest-rate increase, the Budapest parquet turned onto an improving leg of the last daysʼ roller-coaster.

In the afternoon, fresh data on U.S. GDP rising less than expected in the second quarter capped gains in Budapest, too.

Winner of the day was drugmaker Richter in unusually large demand volumes after it published net income up 63% in the second quarter on improved sales at home, in Russia, and of lucrative womenʼs healthcare drugs in Western Europe, hugely beating analystsʼ forecasts for a more than 20% fall. It also raised its 2015 operating profit margin guidance to 13-14 percent of sales on Thursday, from 11% previously. The shareʼs surge was little slowed by a press briefing of Richterʼs CEO who advised caution for the results of the whole year. 

Despite cutting local fuel prices for a second week, MOL also improved on latest analystsʼ views that projected a strengthening bottom line as upstream results have probably more than offset weakness in exploration and production, the latter due to Brentʼs price fall. MOL is scheduled to publish second-quarter figures early next Wednesday.

OTP lost 0.17% to HUF 5,790 on turnover of HUF 1.10 bln from a HUF 9.01 bln session total, about 5% short of the daily average this year. 

MOL won 1.99% to HUF 14,585 on turnover of HUF 905 mln. 

Magyar Telekom ended flat at HUF 404 on turnover of HUF 416 mln. 

Richter advanced 2.05% to HUF 4,470 on turnover of HUF 5.72 bln. 

The bourseʼs mid-cap BUMIX went out 0.40% higher at 1,686.02.

Elsewhere in the region, WIG 20 in Warsaw was down 1.33%, while Pragueʼs PX improved 0.40%.

Western Europeʼs major indices were all up ahead of their close on Thursday, FTSE100 in London 0.36%, DAX30 in Frankfurt 0.08%, and CAC40 in Paris 0.23%.

Bamosz Investment Fund Value Reaches HUF 15.793 tln in May Figures

Bamosz Investment Fund Value Reaches HUF 15.793 tln in May

Karácsony Still Winner of Budapest Mayoral Election After Re... Elections

Karácsony Still Winner of Budapest Mayoral Election After Re...

Hungary Wants EU to Smooth Electromobility Transition Transport

Hungary Wants EU to Smooth Electromobility Transition

Summer Camp Prices Have Increased 10-15% Tourism

Summer Camp Prices Have Increased 10-15%


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.