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OTP Bank’s Jump to 1 1/2-Year High Leads BUX: Budapest Mover

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Jan. 16 (Bloomberg) -- OTP Bank Nyrt., Hungary’s largest lender, soared for a sixth day to the highest in 1 1/2 years, leading a rally in the benchmark BUX stock index.

OTP’s shares rose 2.8 percent to 4,544 forint, the highest level since August 2011. The BUX, in which OTP has the second-highest weighting at 32 percent, advanced 0.9 percent.

The Swiss franc declined to the weakest against the euro since 2011 this week in a boost for foreign-currency borrowers at Hungarian banks such as OTP, said Peter Varju, a Budapest-based equities trader at Erste Group Bank AG. Hungary’s moves to secure foreing-currency funding this week also improved the assessment of the country’s biggest lender, Varju said.

“Several risk factors started improving at once,” Varju said by phone today.

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

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

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