Wednesday's session on the Warsaw Stock Exchange was marked by a clear division of the market. While the blue-chip indices remained above the mark throughout the day, the result of the medium- and small-cap segment turned green after the end of the session. Nevertheless, it was another day of records for the main indices.
WIG20 gained 0.83% and during the day it broke the bullish record, which now stands at 3,399.88 points. WIG broke the historical record from Tuesday and moved it to 125,627.87 points. After the better performance of mWIG40 and sWIG80 on Tuesday, Wednesday's performance was not the best. The morning gains quickly faded and the indices remained red throughout the day. Only the upward trend allowed them to rise above the mark by 0.21%. and 0.11 percent In the case of sWIG80, we managed to improve the record which now stands at 31,841.45 points.
The turnover on the broad market amounted to PLN 2.6 billion, of which PLN 2.25 billion concerned WIG20 companies. The mood in Warsaw differed from the main trading floors in Europe, where the DAX and CAC 40 ended the day on a negative note. In turn, records were also broken on Wall Street, and the S&P500 was above 7,000 points for the first time.
CD Projekt and KGHM are on the attack
The undisputed leader of growth among the largest companies was CD Projekt, whose shares increased by 5.6%. This is an important break for the game manufacturer, which has been in a correction in recent days. Despite the recent shortness of breath, the company's shares have already gained over 10% since the beginning of 2026, which confirms the return of investor confidence in Polish gaming.
KGHM performed equally spectacularly, growing by 6.23%. The copper giant is in a phase of huge volatility – after Monday's rally by 8%. and Tuesday's almost 7% correction, the bulls took control again. The fuel for such high volatility remains the volatility of trade in silver, which has already completed the correction (?). At the same time, the company informed about the need to conduct impairment tests of selected assets for the previous year.
Meanwhile, Pekao analysts estimated that KGHM's revenues from silver amounted to PLN 4.9 billion in 2024, when the silver price was USD 28.3/oz, and over PLN 6 billion in 2025, when the average silver price was USD 40/oz. In turn, according to their calculations, at the silver price of USD 110/oz. revenue would amount to PLN 14 billion. More about the connection between silver and the price of KGHM in the article “Silver companies in 2026. KGHM or foreign leaders?”.
Silver is having a very strong start to the year, growing by over 50%!
KGHM's revenues from silver amounted to (our estimates):
🟢PLN 4.9 billion in 2024 when the silver price is US$ 28.3/oz,
🟢> PLN 6 billion in 2025 at an average silver price of US$ 40/oz,
🟢and at the silver price of US$ 110 it would amount to PLN 14 billion pic.twitter.com/YGkcS4gk7M— Analyzes Pekao Brokerage House (@BM_PekaoAnalizy) January 28, 2026
The group of growing blue chips also includes CCC (3.1%). The company is trying to make up for losses after a weak 2025, although it has been struggling with supply again since mid-January. Dino did well (1.41%), and Orlen (0.94%) remains at the highest levels in over six years (approx. PLN 105), supported by the commodity boom.
Budimex and banks under pressure, Pepco with buyback
Budimex was on the other side of the table, losing 1.68%. The construction leader is correcting itself after the rally lasting since October, in which it gained approximately 30%. The company also announced the extension of the review of strategic options for FBSerwis until the end of April 2026. Banking companies also performed worse. The WIG-Banki index lost 0.54%. mBank dropped the most in WIG20 from this group, losing 1.41%.
It was interesting for Pepco (0.83%), which, after an initial 3% decline, recovered some of its losses. The market digested the information about the sale of shares by the main shareholder (Ibex) and the purchase by Pepco itself of a pool of shares worth EUR 50 million.
JSW in the center of the political and trade union clinch
JSW shareholders experienced a real rollercoaster. The company's shares, which fell by almost 5% in the morning, made up for losses in the second half of the day and ended the session with a profit (1.52%). All thanks to the dynamic situation surrounding wage negotiations. After Tuesday's pessimistic statements by the Speaker of the Sejm, WÅ‚odzimierz Czarzasty, the JSW management board initially suspended talks with the unions. However, already in the afternoon, the company announced its readiness to return to the table, which calmed the market down.
