Breaking News

Tweet TWEET

OTP Bank Gains Second Day, Leading Hungarian Stocks Higher

OTP Bank Nyrt. (OTP), Hungary’s largest lender, rose for a second day, leading the country’s stocks higher on signs the global economic recovery is gathering pace.

The shares advanced 2.3 percent to 4,391 forint by the close in Budapest, extending its gains this month to 13 percent. The benchmark BUX stock index, in which OTP has a 30 percent weighting, rose 1.1 percent.

Banks led gains in European stocks after a report showed investor confidence in Germany, Hungary’s biggest export market, rose more than expected in October. Stocks extended gains as two German lawmakers said the country is open to Spain seeking a precautionary credit line from Europe’s rescue fund.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.