Egis Jumps Most Since 2011 on Stronger Earnings: Budapest MoverEdith Balazs
Egis Nyrt., the Hungarian drugmaker owned by Laboratoires Servier, jumped the most in 14 months after fiscal first-quarter results beat estimates.
Shares rose as much as 4.8 percent, the most since November 2011, to 18,935 forint and traded at 18,900 forint at 12:55 p.m. in Budapest. The benchmark BUX stock index advanced 0.8 percent.
Egis said late yesterday its net income jumped 24 percent in the October-to-December period from a year earlier as profit from financial activities rose. First-quarter net income was 6.6 billion forint, up from 5.3 billion forint in the same period a year earlier and exceeding the median estimate of 5.3 billion forint from a Bloomberg poll of four analysts.
Egis reported “excellent” profit numbers, which may prompt investors to be overweight in the stock “at the expense” of its peer, Richter Nyrt., analysts at Budapest-based brokerage Equilor Zrt. said in an e-mailed report today.