During his speech at the World Economic Forum in Davos, Donald Trump ruled out using military force to take control of Greenland with the words “I won't do it.” This was enough for investors around the world to ignore other aspects of the US president's speech and go shopping for the latest stock lows. Indices on world stock exchanges went up. It was no different on the Warsaw Stock Exchange.
For most of Wednesday's session, the main indexes on the WSE were losing value. It was similar on the trading floors in Europe, where the mood was gloomy due to the European Parliament blocking the ratification of the US-EU trade agreement in response to the US president's threats regarding Greenland. Since the beginning of the week, tensions between the largest allies within NATO have had a negative impact on the condition of stock markets. Tuesday was the first day of the trading week for Americans, which also showed how worried the largest Wall Street investors are about these tensions, as exemplified by the scale of declines not seen for several months. The sale on Wednesday was therefore justified, and the flow of capital to safe havens was clearly visible in the sudden increase in gold prices and its new records.
Only Donald Trump, whose speech in Davos the markets were waiting for, could reverse the disastrous sentiment. In addition to the exclusion of the use of force, which he mentioned around 3 p.m. Warsaw time, Trump declared his readiness to defend his allies, but questioned their loyalty to the other side. He assessed the economic condition of Europe as “very negative” and severely hit Canada.
Although the speech was a symbol of a deep crisis and tensions in the relations of the United States with its closest partners, the market focused on, as it may sound, the lack of use of force against a NATO partner and played out a relief scenario. At least until markets closed in Europe, that's how it looked. On Wall Street, the indices increased by over 1%, while in Europe they increased by around 0.5%, but after making up for significant declines during the day.
Ultimately, WIG20 lost 0.17%. to 3,262.89 points, although during the day the depreciation reached 1.4%. WIG went down by 0.05%. up to 120,869.12 points The mWIG40 index even managed to gain by 0.37%. to 8,563.34 points, while sWIG80 lost 0.18%. and amounts to approximately 31,104.15 points. The turnover on the broad market reached PLN 2.1 billion, of which PLN 1.74 billion concerned WIG20 companies.
On Wednesday, the leader in discounts was Allegro, whose price fell by 2.89%. According to our analysis, OFEs increased their shares in Allegro the most. Meanwhile, since August 2025, their exchange rate has been systematically decreasing and their price has decreased by over 20% during this time. In the context of e-commerce, attention is drawn to the data of the InPost Group, which delivered 417.6 million parcels in the fourth quarter of 2025 (an increase of 30% y/y). In Poland, the volume reached 220.2 million pieces, which means an increase of 5%. rdr. According to analysts, this result is below the company's previous announcements. In their opinion, this may suggest that Allegro is taking over more and more volume from InPost.
By 1.96 percent CD Projekt shares dropped. For the game manufacturer, this is the third declining session in a row. Over 1 percent in WIG20, the share prices of Orange (-1.55%), mBank (-1.42%) and Dino (-1.05%) fell further. Among blue chips, the shares of Orlen (1.43%) and PGE (1.13%) rose the most. Despite new records in silver prices, the KGHM exchange rate remained neutral. Silver, yes, was rising in price, but after Trump's speech in Davos, the prices of the white metal dropped.
In the mWIG40 segment, the best performers were Ten Square Games (3.80%) and Newag (3.15%), which announced a contract for the supply of seven electric multiple units (EMUs) for the Małopolska Voivodeship for PLN 311.06 million net.
JSW shares fell the most in mWIG40, losing 3.65%. This is the fourth consecutive decline for the coal company, following an earlier month-long rally. In turn, Benefit Systems lost 1.75%. in response to the Office of Competition and Consumer Protection's allegations regarding violation of consumers' collective interests and the use of unfair clauses. The company may face a fine of up to 10%. turnover.
Trakcja stood out on the broader market (3.72%) after updating contract budgets, which influenced the gross result in the amount of PLN 49.3 million. In turn, Bogdanka, after the publication of estimated results for 2025 (EBITDA PLN 543.1 million, net profit PLN 263.8 million), lost 1.49%.
