BUX Index Rose on Falling Turnover This Week

The Budapest Stock Exchange (BSE) share index rose this week on a declining trading volume, closing at 46,007.11 points on Friday, 610.78 points, 1.35% higher than a week earlier, MTI reported this Sunday morning along with a brief analysis.

Weekly turnover on the stock market was HUF 43.91, up from HUF 55.39 billion the previous week, with leading shares performing mixed.

In its weekly summary sent to MTI, Equilor Investment Plc. highlighted OTP's dollar bond issue. According to the bank, it said that OTP will issue a total of USD 650 million in nominal value of Tier 2 bonds with a maturity date of 15 February. The maturity is 10.25 years and the bonds are redeemable at par in the three months preceding the redemption date after the initial 5.25-year period.

In the summary it was recalled that Moody's downgraded OTP. The rating agency downgraded the bank's subordinated foreign currency debt rating to Ba2 from Ba1, and the long-term issuer rating of OTP Jelzálogbank [Mortgage Bank] Plc. was downgraded to Baa3 from Baa2, with a stable outlook for all.

Equilor also reported that the Hungarian National Bank (MNB) has approved the mandatory tender offer for Alteo shares. Mol RES Investment Plc. owned by Mol, and its coordinators Phoenix Private Equity Fund and Riverland Private Equity Fund, have made a mandatory tender offer of HUF 3,040 for Alteo shares, and shareholders can accept the offer from 10 February to 13 March.

Among the leading stocks, OTP gained 3.59% this week, closing at HUF 11,110 on Friday, with weekly turnover exceeding HUF 27.81 billion.

Mol rose by 2.04%, closing Friday at HUF 2,796, with a weekly turnover of HUF 5.92 billion.

During the week, Richter weakened by 1.98%, ending Friday's trading at HUF 7,940, with a weekly turnover of HUF 8.78 billion.

Magyar Telekom's share price fell by 2.66% this week, closing at HUF 366 on Friday, with a weekly turnover of HUF 531 million.

The BUMIX index of small and medium-sized shares closed the week at 3629.21 points, down 14.82 points or 0.41% on the previous week.