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