BUX Index Rose on Rising Turnover This Week

The Budapest Stock Exchange (BSE) stock index rose on an upward trend this week, closing at 46,097.83 points on Friday, up 1.49% or 678.05 points from a week earlier, MTI reported this Sunday along with a brief analysis.

The weekly turnover on the stock market was HUF 57.595 billion, up from HUF 35.223 billion the previous week, with leading shares gaining.

In its weekly summary sent to MTI, Equilor Investment Plc. pointed out that the BUX index closed the week in positive territory again. Although the Hungarian stock index closed slightly negative on Friday, the BUX chart showed an upward trend for the entire five-day trading session.

It was recalled that good news came from Richter's US partner AbbVie: according to a presentation at a healthcare conference on Tuesday, sales of Vraylar are expected to reach USD 5 billion, up from USD 4 billion, following the recent approval of the drug by the US Food and Drug Administration (FDA).

OTP got a target price increase: Societe Generale raised its 12-month target price on OTP Bank from HUF 12,200 to HUF 13,000, with an unchanged buy recommendation.

On Monday, an agreement was signed to acquire Vodafone Hungary Telecommunications Ltd. The HUF 660 billion transaction will give Antenna Hungária, a subsidiary of 4iG Plc., a 51% stake, while Corvinus Plc. will acquire a 49% indirect stake in the second largest Hungarian telecommunications company from Vodafone Europe BV. On Monday, 4iG also informed capital market participants that the government has classified the acquisition of control over Vodafone Hungary Plc. as of national strategic importance. The classification excludes, among other things, the jurisdiction of the Economic Competition Authority, Equilor added.

Among the leading shares, Magyar Telekom rose the most this week, by 2.54%, closing at HUF 364 on Friday, with weekly turnover of HUF 609.836 million.

OTP rose by 2.09%, ending Friday's trading at HUF 11,000, with a weekly turnover of HUF 37.033 billion.

Mol's share price rose by 1.51%, with a weekly turnover of HUF 6.299 billion, closing Friday at HUF 2,688.

Richter gained 0.48%, ending Friday's trading at HUF 8,460, with a weekly turnover of HUF 10.884 billion.

The BUMIX index of small and medium-sized shares closed the week at 3699.59 points, up 13.30 points or 0.36% on the previous week.