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Econet.hu shares surge to three-year high on BUX membership

Shares of Econet.hu Nyrt, a Hungarian software developer, rose to an almost three-year high after the Budapest bourse said the stock gained membership in the benchmark index for the first time.

Econet.hu Nyrt shares rose 5.7% to 131 forint as of 9:51 a.m. in Budapest, after surging 12.7% on March 17, when the new BUX Index makeup was announced. That's the highest since reaching Ft 134 on June 6, 2004, pushing Econet.hu's gains to 64% this year, compared with a 6.5% decline in the index.

The Budapest stock exchange on March 9 said it will add shares of Econet.hu, along with Danubius Hotels Nyrt, Pannonplast Nyrt and Rába Nyrt to the index from April 2. Their weightings will be determined March 27. Budapest-based Econet.hu is now worth Ft 3.7 billion (€14.9 million).

The company makes Web sites, hosts servers and develops software for Internet use. The company announced two acquisitions last week, buying Hungary's largest free entertainment weekly and an indoor advertising agency. (Bloomberg)