Geopolitics dominates the markets again. Trump is scaring Greenland and Iran, which drives up metal prices. KGHM's share price benefits from this as it is rushing like crazy, breaking new records. In the domestic market, the Monetary Policy Council's decision on interest rates was in the spotlight, but it did not affect bank rates. The main indices on the Warsaw Stock Exchange ended lower again, which moved them away from Tuesday's records.
However, the first half of the session on the WSE was much bloodier than its finale. Around noon, WIG20 lost over 1.6 percent. Later, however, there was a counter demand, which at one point even managed to bring the index to a neutral level. The final result was a slight minus, but the result does not reflect the fierce fight between bulls and bears during Wednesday's session.
So WIG20 lost 0.37%, WIG was 0.39% lower. mWIG40 lost 0.52%, and sWIG80 fell by 0.19%. The scenario of Wednesday's session on the main indices was actually similar, with supply prevailing in the first part of the day and an attempt to rebound in the second. The turnover on the broad market amounted to PLN 2.75 billion, of which PLN 2.39 billion concerned WIG20 companies.
Ultimately, the changes were also reflected in the benchmark results on the core stock exchanges in Europe, where the mood was very mixed, but the changes in the indexes were rather small, unlike on Wall Street, where at the end of the session in Warsaw, the Nasdaq lost 1.5% and the S&p500 lost about 1%.
Investors in the US played on the results of banks, but also focused on trading in precious metals, which again saw another wave of gains after Donald Trump said that any option other than Greenland “in the hands” of the United States was “unacceptable”, and called on demonstrators in Iran to continue anti-government protests and “take over institutions” and announced that he would help them. In turn, speculation in China contributed to an increase in metal prices, and investors and funds with large portfolios invest in raw materials such as copper, nickel and lithium.
“Rising metal prices are raising costs in a way that threatens to raise inflation expectations, posing a challenge for bond markets and central banks as they prepare to ease policy this year,” said Nour Al Ali, strategist at Bloomberg Markets Live.
Oil prices rose for a fifth straight day on concerns about supply disruptions amid civil unrest in Iran – a leading OPEC member – and rising tensions between the country and the US.
“The more interventionist Donald Trump, who is pressuring the Fed, demanding corporations to do as he pleases, and planning to take over Greenland – all this is driving capital flows into the relatively safe gold,” said Kathleen Brooks, research director at XTB. Silver rose over 6% on Wednesday, breaking through the $90 per ounce level. Gold reached nearly $4,650 per ounce. In turn, the copper price exceeded $13,400 per tonne in the first half of the day.
Increases in copper and silver prices pushed the KGHM stock price by 2.33%. higher to PLN 315.90 per share, although during the session the price was as high as PLN 317.70. In WIG20, only Budimex (4.02%) and CCC (3.76%) were stronger. Budimex estimates the consolidated net profit in the fourth quarter of 2025 at PLN 310 million, which is an increase of PLN 138 million compared to the same period of the previous year. Dino shares fell the most, falling by 4.93%. which was the result of investors' reaction to the results of the industry Jeronimo Martins, where the LFL of Biedronka itself turned out to be lower by about 40 bps. relative to market expectations.
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Allegro (-3.28%) and Pepco (-1.61%) were also under pressure. The largest banks recorded a significant decline, although the Monetary Policy Council decided to keep interest rates at a temporary level, which means the first pause in cutting loan costs in many months. The shares of Alior (-2.11%) and mBank (-2.39%) were hit hard. Declines also affected Santander (-1.39%) and PKO (-0.16%).
Moreover, an interview with the Minister of State Assets, Wojciech Balczun, appeared on the market and informed that it is not certain whether the planned capital restructuring of PZU (0.14%) and Bank Pekao (-0.9%) will take place during the current term of the Sejm. He pointed out that this is a very complex process requiring, among others, amendments to four acts. Pekao shares may have lost due to uncertainty regarding the planned merger.
