ADVERTISEMENT

Central European stocks such as OMV gain on oil; OTP declines

Analysis

Central European stocks such as OMV AG, the region's biggest energy company, advanced as crude traded near a record high. OTP Bank Nyrt, eastern Europe's largest lender, paced declining shares. The NTX Index of 30 companies in central and eastern Europe added 0.2% to 1491.54 at 12:18 p.m. in Vienna, as 14 stocks rose, seven slipped and nine were unchanged. Austria's ATX Index climbed 0.7% and Poland's WIG20 gained 0.5%. Hungary's BUX Index slid 1.1%. OMV, based in Vienna, increased 1.5% to €47.68. Crude oil futures touched a record $75.40 a barrel in New York yesterday on concern that geopolitical tensions will disrupt oil supplies after North Korea launched at least seven missiles. Higher gasoline demand in the U.S. during driving season also sent the price of oil higher. OTP, Hungary's biggest bank, retreated 3.1% to 6,171 forint. Erste Bank AG rose 1% to €45.20. Austria's second-biggest lender and Wiener Staedtische Versicherung AG, the nation's largest insurer, may make a joint bid for Bawag PSK Bank, Die Presse reported, without citing anyone. Wiener Staedtische shares added 0.8% to €46.19. Erste Bank is "not really interested in buying Bawag, though it may look at the bank if there is a due diligence," Karin Berger, a spokeswoman for the company, said in a telephone interview. She said Erste would only bid jointly with Wiener Staedtische. (Bloomberg)

ADVERTISEMENT

German Businesses Optimistic, Albeit With Some Concerns Analysis

German Businesses Optimistic, Albeit With Some Concerns

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

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.