Bloomberg News

OTP Gains Fourth Day as Crisis Concerns Abate: Budapest Mover

March 13, 2012

OTP Bank Nyrt. (OTP), Hungary’s largest lender, advanced for a fourth day in the longest rising streak since January, as German investor confidence surged, indicating abating concern over Europe’s sovereign debt crisis.

The shares climbed 1.6 percent to 3,940 forint by the 11:24 a.m. in Budapest, lifting this week’s gain to 3 percent. The benchmark BUX stock index advanced 0.9 percent to 19,063.79, rising for a fourth day.

“The major European indexes are gaining, which is a sign that market concerns over Greece and the European crisis in general are easing and sentiment is on the rise,” Akos Horvath, an analyst at Budapest-based brokerage Equilor Zrt., said on the phone.

Emerging-market stocks rose, erasing yesterday’s drop, after euro-area finance ministers signed off on a second Greek bailout and companies from Golden Eagle Retail Group Ltd. (3308) to Longfor Properties Co. reported profit gains.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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