Are you sure?

BUX flies high after Obama tax comment

Following US President Barack Obama’s State of the Union address on Tuesday, stating that there would be potential tax cuts on companies, Hungarian shares rose to the highest numbers after 2 ½ months, Bloomberg reported.

BUX stock index increased 1.6% marking the best performance since November 9th of last year, while Hungary’s greatest lender OTP Bank Nyrt, achieved a 2.6% gain by 5:00pm closing on Wednesday.

Several other Hungarian companies closed at higher numbers as well, including Gedeon Richter Nyrt which received as much as a 1.9% boost during the day and closed with a 0.3% gain, after UBS AG changed status of the company’s stock from “neutral” to “buy.” Reportedly, analysts appraising the stock have undermined acquisitions made from last year by the largest drugmaker in Hungary. (WD)