The Warsaw Stock Exchange did not allow itself to be carried away by the positive sentiment from overseas on Thursday, where the stock indices went up sharply after the optimistic results of Nvidia and the publication of the overdue labor market report. The earnings season for the third quarter is in full swing on the WSE, and three WIG20 giants presented their reports.
On November 20, trading on the WSE took place in a visible separation from the base markets. The main stock indices in France and Germany gained more than 1%. The situation was even better in the United States, where at 17:00 Nasdaq and S&P500 were gaining 1.49% and 1.33%, respectively, and earlier the increase even exceeded 2%. Nvidia's results presented on Wednesday turned out to be better than analysts' expectations. The outstanding September labor market data published on Thursday was also better than expected.
Meanwhile, we had a rather sluggish session on the Warsaw Stock Exchange. The WSE indices remained close to the reference point for most of the day. Finally, WIG20 gained 0.04%, ending the trade at 2,958 points. WIG went up by a modest 0.13%. MWIG40 increased by 0.30% and SWIG80 by 0.38%.
The turnover on the Warsaw Stock Exchange amounted to PLN 1.78 billion, of which PLN 1.53 billion was allocated to shares of companies from the WIG20 index. The leaders in terms of turnover were Allegro (PLN 311 million), Orlen (PLN 242 million) and PZU (PLN 155 million).
Results of PZU, Orlen and Allegro
PZU shares were at the forefront of the WIG20 index on Thursday, gaining 3.59%after the presentation of the results for the third quarter. The insurance giant recorded the highest net profit in its history: almost PLN 2 billion. This result was 21.8% better than analysts' expectations and 64% higher than the result in the same period last year.
Apart from PZU, Orlen also presented results (-0.67%). In most respects, they coincided with market forecasts. The net profit of PLN 2.16 billion turned out to be lower than expected, even though its year-on-year dynamics exceeded 1,000%, which was largely due to the low base effect. The expectations of analysts surveyed by PAP Biznes indicated that the company would generate PLN 3.66 billion in profit in the third quarter.
The third WSE giant that presented a quarterly report on Thursday was Allegro (-1.56%). The group's operating profit reached PLN 589.4 million, which means a year-on-year increase of 45% and 3.6% more than the consensus. However, investors may have been disappointed by the reduction in the assumption of GMV (goods turnover value) growth in Poland in 2025 by 0.5-1 percentage point, to 9-9.5%. as a result of a slow start to Black Week and delayed demand for the winter offering.
Only CCC's quotations were weaker than Allegro's on Thursday, falling by 1.94%. Orange shares lost more than 1% (-1.37%). The shares of Pepco (-0.89%), mBank (-0.86%), Alior (-0.68%), CD Projekt (-0.61%), were down by 0.5-1% in WIG20.
The second strongest company in the index after PZU was PGE, whose shares gained 2.21%. Budimex (+0.86%), Żabka (+0.79%), Dino (+0.34%), LPP (+0.19%) and Santander (+0.06%) also ended the session above the mark.
Polsat with profits below expectations, Neuca and Pracuj up
The earnings season also shaped the quotations of medium and small companies. Neuca shares gained the most in MWIG40 on Wednesday (+3.83%). In the third quarter, the company generated a net profit of PLN 60.2 million, while the consensus assumed a result of PLN 41.4 million.
The quotations of Grupa Pracuj also went up (+2.51%). The company's net profit in the third quarter reached PLN 64.7 million, which is 5.5% higher than the consensus and 15.3% year-on-year.
The shares of the largest Polish developer, Dom Development, gained 0.57%, whose net profit reached PLN 129 million in the third quarter and was almost twice as high as last year.
The shares of Cyfrowy Polsat were the most depreciated in the small-cap index on Thursday (-7.09%). The group's net profit decreased by 72% year-on-year from PLN 248.9 million to PLN 69.6 million. Analysts polled by PAP expected a 25% higher result. In addition, Polsat is struggling with a downward trend in pay TV services and the outflow of B2C and B2B customers.
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