Monday's quotations on the Warsaw Stock Exchange were marked by dollar weakness, which supported the bull camp. The zloty strengthened against the American currency by over 1%, and the prices of raw materials and metals increased. On WIG20 measured in dollars, this year's rate of return is close to 10%. On Monday, the greenest among the largest companies were the prices of Budimex and CD Projekt, which finally ended its declining streak with a clear rebound.
At the close of the session, all the main WSE indices turned green. The WIG20 index gained 0.64 percent, the broad WIG index increased by 0.68 percent, and mWIG40 increased by 0.72 percent. Small companies did best – the sWIG80 index increased by 1.07%. The positive mood in Warsaw was a result of the situation on stock exchanges in Asia, where the Japanese Nikkei 225 rose by almost 4%. after the results of the parliamentary elections, which were well received by investors.
“Financial markets gave the new government a clear loan of confidence, assuming a scenario of greater political stability and a moderate, predictable fiscal policy. The result was a strong increase in share prices, strengthening of the yen and relative calm on the debt market,” TMS Oanda analysts said in a commentary.
This week, investors have the delayed January jobs report (Wednesday), which was originally scheduled for last Friday but was postponed due to the partial government shutdown, and Friday's U.S. inflation report. Number one now seems to be the market's valuation of the new Fed leader, who will replace Jerome Powell in a few months (Congress' consent is still needed).
The dollar continues its downward trend for now. On Monday, it lost over 0.8% against the euro and over 1% against the zloty. Raw materials and metals gained. The rebound from last Friday was continued by the German DAX (1.1%), and it was with this index that a clear correlation of the Polish WIG20 was visible on Monday.
At the end of the day, WIG20 gained 1.17%, and WIG gained almost at the same pace (1.18%). The result was completely the same for mWIG40 (1.17%), and sWIG80 gained slightly more (1.38%). The turnover on the broad market amounted to nearly PLN 1.95 billion, of which almost PLN 1.58 billion concerned WIG20 companies. WIG20, quoted in USD, has already gained 9.53% this year, making the Polish blue-chip index more attractive in the eyes of foreign investors.
Budimex focuses on development, Orlen expects billion-dollar losses
The undisputed leader of growth in the WIG20 index was Budimex. The construction giant's shares increased in price by 6.56%, reaching PLN 743.60. Investors responded enthusiastically to the management's announcements regarding the new strategy for 2026, which assumes accelerated development and use of the upcoming wave of infrastructure investments in Poland. Although the historic peak of May 2024 (PLN 813) is still some way away, the company has clearly returned to buyers' favour.
At the other extreme was Orlen, which as one of the few (3) blue chips recorded a decline (-0.61%). The market digested the information about planned asset write-downs in the amount of approximately PLN 2.5 billion. The main cuts concern the “Nowa Chemia” investment in the downstream segment. Although the write-offs are non-cash in nature, the scale of PLN 2.5 billion has had a cooling effect on investors' enthusiasm, especially since this amount is not final yet.
Gaming and trading are making up for losses, banks are below expectations
After a series of weaker sessions, CD Projekt returned to growth. The game producer's share price increased by 3.67%. to the level of PLN 248.80, breaking away from local minimums. Let us recall that over the previous seven sessions, the exchange rate fell six times, and once recorded a cosmetic increase of less than 0.5%. Monday's increase is the first clear upward session of the Reds' price since January 28.
Over 3 percent in WIG20, the shares of Kęty (3.56%) and KGHM (3.28%) also gained. KGHM's share price was supported by over 7%. increases in silver prices and a rebound in copper prices.
Clothing and footwear companies showed good performance in WIG20 – LPP (1.51%) and CCC (1.96%), which suggests the return of capital to the consumer sector. Żabka shares were popular (2.55%).
The growth of banking companies was slightly behind. Although Alior gained 2.07%. and MBank 1.93 percent. the largest banks such as Santander (1.34%), and especially Pekao (0.78%) and PKO (0.71%) did not stand out with greater demand for their shares.
Bank Millennium (-0.56%) with mWIG40 attracted attention. The company boasted a net profit for the fourth quarter of 2025 of PLN 347 million, which means doubling the result y/y and beating the analysts' consensus by over 8%, and yet the stock had a weaker day.
Creotech space contracts and uncertainty in JSW
Creotech Instruments shined on the Broad market (6.53%). The company successfully rebounded from the PLN 500 mark, and the fuel for growth was the information about signing a contract with PIAP Space for the implementation of phase B1 of the servicing satellite project for the European Space Agency (ESA). This is another step in building the position of the Polish company in the European space sector.
Double-digit increases were observed on Bumech (18.42%). Talks regarding the situation in the Silesia mine, owned by Bumech, have not brought any results. Trade unionists from Solidarity write about the escalation of tension, calling for compliance with the agreement, while Bumech, in explanations sent to Bankier.pl, sheds new light on the negotiations with the unions that have been conducted over the last two months.
Completely different sentiment prevailed on JSW shares (-2.73%). Despite information about the terms of the agreement with trade unions, the market is cautious about the restructuring process. The head of MAP, Wojciech Balczun, emphasized that this is a necessary condition for the company to obtain financing in the amount of PLN 2.9 billion. High volatility in the shares of the Jastrzębie-based company suggests that investors are still concerned about the financial liquidity of the mining giant.
