Magyar Telekom Caps Best Weekly Gain in 6 Months: Budapest Mover
Magyar Telekom Nyrt., the Hungarian phone unit of Deutsche Telekom AG (DTE), had its biggest weekly gain in more than six months after a management proposal to maintain the size of dividends pushed the stock to a key technical level.
The shares gained as much as 1.7 percent to 414 forint and closed up 1 percent at 411 forint in Budapest, extending the advance in the past five days to 6.2 percent, the most on a closing basis since Aug. 17, 2012. Management proposed holding the dividend at the 2010 and 2011 level of 50 forint per share, the company said in a statement to the Budapest bourse yesterday after reporting its first sales increase in five years in 2012.
The rally has pushed the stock to its 200-day moving average, which last stood at 414 forint, according to analysts at Bayerische Landesbank’s MKB Bank unit and broker Equilor Befektetesi Zrt.
“If it manages to break that, it usually means that a significant rally follows,” Zsolt Balasy, a Budapest-based equities analyst at MKB, wrote in a research report today.
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