Thursday's session on the Warsaw Stock Exchange was marked by the upward trend of the WIG20. The broader market lagged slightly due to weaker mWIG40 and sWIG80 quotations. In the morning, there were signs that KGHM's share price would correct, but demand persisted and pushed the share prices of the copper giant from Lubin up again, to a new peak despite falling metal prices. The rally continues the course of CD Projekt.
At the close of Thursday's quotations, WIG20 gained 1.15%, reaching 3,306.40 points. The increase is the result of demand activation at the end of the session, which lifted the index from near the neutral level. The broad WIG index was slightly more modest, increasing by 0.84%. up to 1,212,335.59 points Smaller entities fared less well – mWIG40 ended the day with a 0.12 percent decline (8,644.32 points), and sWIG80 gained only 0.24 percent, to 31,400.55 points. The turnover on the broad market exceeded PLN 2.51 billion, of which PLN 2.13 billion concerned WIG20 companies.
The demand activated at the end of the session was widespread in many of the largest companies, so we can talk about basket shopping. At the same time, the indexes on Wall Street rose more strongly after falling the day before. The catalyst for improving sentiment overseas could have been the earnings report of TSMC, one of the world's largest producers of advanced AI integrated circuits, which forecast solid annual growth. “At the moment, it is clear that optimism is maintained. I think it is close to the inflection point, but it is not visible yet,” said Sobiesław Kozłowski, director of the Analysis and Advisory Department at Noble Securities.
A raw material soap opera with silver in the main role
One of the key topics of the day was the situation on the raw materials market. Silver broke the barrier of USD 90 per ounce, which, combined with strong copper prices, fueled KGHM's growth. Although in the morning the Lublin company was the weakest link in the index, it ultimately gained 3.07%. and this with declines in silver and copper prices exceeding 1%. KGHM's price in the final session was the highest in history, valuing the company at over PLN 65.1 billion.
“At the moment, we can still see the retreat from the dollar and the strong behavior of silver, gold and copper. The question is whether the symptoms of the strengthening of the American currency will not be a trend that will prevail at some point and change the global sentiment,” said Sobiesław Kozłowski, director of the Analysis and Advisory Department at Noble Securities.
The expert drew attention to historical analogies, which indicate that between January 15 and 20 the so-called “January effect”, which, combined with the US presidential cycle, may favor the dollar at the expense of risky assets.
CD Projekt as a leader
The main driving force behind blue chips turned out to be CD Projekt. The game producer's shares rose by 6.4%, continuing their impressive streak – including the previous four sessions, the price has already gained a total of over 12%. “Recently, the information, still not officially confirmed but expected by analysts, about an expansion to the third part of The Witcher, which would appear in May this year, has received quite a lot of attention,” Mateusz Chrzanowski, an analyst at Noble Securities, explained two days ago about the sudden jump in the price of CD Projekt.
“Recently, we can see that CD Projekt stands out and the sentiment towards gaming is generally improving. Perhaps it was Creepy Jar that sparked the imagination, it has recently increased very much and now it somewhat supports the sentiment towards other companies from this sector,” Sobiesław Kozłowski said in a comment on Thursday.
Rocking on the banks and Dino's rebound
The banking sector was in good shape in the morning, but WIG-Banki was weakening with every hour, and the dovish message of the NBP President's conference and the target rate level of 3.5% he suggested could have caused pressure on bank quotations visible in the second part of the day. Only the last half hour of trading also increased the bank index by 0.08%. Among the largest banking companies, PKO gained 0.9%, Alior increased by 1.35%, but below the line were Santander (-0.15%), mBank (-0.44%) and Pekao (-0.24%).
Dino returned to favor and its shares increased by 1.22%. after Wednesday's sale caused by weaker-than-expected sales data from the owner of Biedronka (Jeronimo Martins). Although the company's price is in a long-term correction since the historical peaks of May 2025, it has already managed to recover over 5% since December 9.
Orlen under the microscope, CCC with buy-back
Orlen finished stable, with an increase of 1.46%, and PGE's stock was also strong, gaining 1.47%. Over 1 percent Apart from the companies mentioned above, Kęty, PZU and Pepco also recorded increases in WIG20. Investors initially treated Pepco's revenue report for the first quarter of 2025/26 with reservation, but after the initial declines, the price made up for losses throughout the rest of the day and, taking advantage of the improvement in general sentiment, ended the session by 1.06%. higher. In total, 15 WIG20 companies were in the black.
CCC lost the most among blue chips (-1.44%), which can be explained by a natural correction after several days of increases. During the Extraordinary General Meeting, shareholders gave the CCC management board the green light to buy back up to 2 million own shares, which, however, did not stop the supply.
It was happening on a broad market
Bumech became one of the hottest companies of the day. After information about the acquisition of an entity with a license to produce military equipment, the price increased by 10%. At the end of the session, however, the increase was only 5.77%. In turn, Wittchen gained 9.41%. after the shareholders' decision to authorize the purchase of own shares at a price of up to PLN 22 per share. Mo-Bruk continued its good streak in mWIG40, growing by 4.67%. Noble Securities analysts, in a report dated January 14, increased their recommendation for Mo-Bruk to “buy” from “accumulate”, raising the 9-month target price to PLN 424.8 from PLN 338 per share. Woodpecker's shares skyrocketed (37.86%), which published estimated data for the fourth quarter.
