2025-12-10 17:10
publication
2025-12-10 17:10
Wednesday's session brought a modest continuation of Tuesday's gains on the Warsaw Stock Exchange. KGHM's shares dominated the trading floor. After the autumn decline, the prices of energy companies rebounded. Globally, it was a day of waiting for an interest rate cut by the Federal Reserve.
WIG20 remained above the 3,000-point line, gaining 0.36%. WIG went up by 0.42%, remaining close to the November all-time record. All this happened with a turnover totaling nearly PLN 2.1 billion. Of this, almost PLN 1.7 billion went to companies from the WIG20 index.
Medium-sized companies fared slightly better. mWIG40 gained 0.71%, remaining in consolidation since July near historical highs (8,250 points at the end of October). In turn, sWIG80 gained a very modest 0.19% on Wednesday and still has not recovered after the autumn mini-correction.
Investors around the world were waiting for the evening announcement from the Federal Reserve. Market participants are almost certain that the Fed will cut US interest rates for the third time in a row. But the scale and pace of monetary policy easing in 2026 remains unknown. The decision and the so-called fedodots will appear at 20:00 Polish time.
– I focus most on the scatter plot. The market is pricing in two cuts next year, the September scatter chart is pricing in one. So what's going on? Will we see recalibration? If they leave the dot-plot unchanged, I think we will have to see a hawkish correction in market valuations, which I think could actually jeopardize the Santa Claus rally, said City Index strategist Fiona Cincotta.
Among Polish blue chips, the shares of CCC (+3.8%), PGE (2.2%) and KGHM (+2.4%) grew the most. The only difference is that while the first two reflected the results of recent weeks (PGE) and months (CCC), the price of the copper conglomerate reached a new all-time record of PLN 244.70. Over the previous three months alone, KGHM's shares increased in price by 81.5%, driven by rising copper and silver prices. The white metal today was nominally the most expensive in history, breaking the barrier of $60 per troy ounce for the first time.
But the strongest industry on the WSE today was the energy sector, which had been badly hit by investors over the previous three weeks. WIG-Energy, after a correction of over 20%, gained 3.15% today. Tauron's shares increased by 5.5%, and PGE and Enea's by 2.2%. “Puls Biznesu” published an interview with the Minister of State Assets, who unfortunately did not explain the reasons for the sudden dismissal of the president of PGE.
The biggest disappointment was the stock of PKP Cargo, which dropped by over 9%. This happened after the transactions of the company's former president were revealed. Marcin Wojewódka sold all 91.7 thousand today. PKP Cargo shares, which he had previously successively purchased. This is hardly a manifestation of faith in the success of the railway carrier's restructuring program.
In turn, double-digit increases in share prices were recorded by Energoinstal (+19%) and Mostostal Warszawa (+18.5%). Both industrial construction companies did not publish any new news on the ESPI channel. Eurocash shares were the cheapest in nearly 20 years, falling by over 7% on Wednesday.
K.K
