The long-awaited decision of the Court of Justice of the EU regarding the WIBOR indicator turned out to be beneficial for the financial sector, but WSE investors reacted to it with great restraint. However, lack of greater enthusiasm prevailed on the broad market, where the main indices were trading flat.
At the close of Thursday's quotations, the WIG20 index gained 0.14 percent, the broad WIG index was even more “neutral”, ending the session unchanged (0.0 percent). Medium-sized companies fared slightly worse. mWIG40 fell by 0.54%. In turn, sWIG80 gained 0.21% after fixing. Consolidation on the WSE was accompanied by lower than average turnover, which amounted to PLN 1.73 billion on the broad market, of which PLN 1.43 billion concerned WIG20 companies.
The market is already waiting for Friday's US inflation reading for January. The data will be crucial for assessing the further path of monetary policy in the US, and there is a nervous waiting mood in the market. On Thursday in Europe, at the end of trading in Warsaw, the DAX was gaining 0.4 percent, the CAC40 was growing stronger by 0.8 percent, and in London the FTSE100 was losing about 0.2 percent. On Wall Street, the S&P500 fell by 0.6 percent, but the Nasdaq lost more than 1.1 percent.
The CJEU dismisses the specter of banking problems
The most important event of the day on the WSE seemed to be the publication of the CJEU judgment regarding the WIBOR index. The Court confirmed that national consumer courts do not have the competence to examine the correctness of determining this indicator. Thus, the CJEU did not share the allegations questioning the marketability and credibility of WIBOR, which for the banking sector means that the risk of mass questioning of loan agreements based on a variable rate is averted.
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In the opinion of PKO BP experts, this judgment clearly confirms the fairness of using the indicator in relations with consumers. However, the reaction of share prices was surprisingly calm. The WIG Banki index increased by 0.8%. (21,228 points), which suggests that the market has largely already discounted the positive outcome. Santander gained the most among large banks (2.19%). In turn, mBnak gained 1.19 percent, but PKO only 0.07 percent, Alior remained neutral (0.0 percent) and Pekao's price fell by 0.22 percent. The entire WIG-Banki gained 0.32%.
Orange is a leader among the largest companies
Among the largest companies, the leader in growth was Orange Polska, whose shares increased by 32.85%. Allegro also showed solid form (1.87%), continuing the rebound that started at the beginning of the week. This is an important signal for the e-commerce giant after almost six months of systematic decline, during which the stock lost nearly a quarter of its value. Shares of Pepco (1.83%) and Żabka Group (1.32%) were also eagerly chosen by investors.
The highest in history was recorded by Budimex (1.69%), as well as by the price of Grupa Kęty (0.37%). During the day, Orlen improved its multi-year high and its price reached PLN 112.40. However, at the end of the session the price fell by 1.27%. and it was the third largest discount in WIG20 that day.
Another representative of the energy sector dropped significantly – PGE, which lost 1.36%. The leader of the declines in WIG20 was the Dino Polska price (-1.42%). The case of Dino is particularly striking – since the historic peak in May 2025 (PLN 56.2), the supermarket chain's values have already decreased by almost 30%.
Staff changes and the fight for liquidity
In the mWIG40 index, all attention was focused on JSW. The shares of the Jastrzębie-based company at one point increased by nearly 8 percent, and finally ended the day with a profit of 5.64 percent. (PLN 26.78). Investors are still betting on restructuring and improving liquidity, although the price has been highly volatile since the beginning of the year. A referendum on the agreement on the temporary suspension of some employee benefits is to be held on Thursday. On Wednesday, it was reported that the management board had requested a reduction in its remuneration.
It was hot in the Azoty Group, where an earthquake occurred in the management board. The supervisory board dismissed president Andrzej Skolmowski and delegated Aleksandra Machowicz-Jaworska to this position. The market received these changes coolly – the price of the chemical giant fell by 1.61%. The company has been in a downward trend since the beginning of December, losing over 8 percent during that time. values.
Genomtec stood out positively on the broad market (6.32%) – the company is entering a key phase of the M&A process, preparing tests of its technology with partners in Asia. In turn, in the case of Grodno (4.98%) – the company's management reassured investors about the results of the renewable energy segment in 2026 and announced further expansion through acquisitions. Creotech Instruments (2.06%) boasted another contract with the European Space Agency (ESA).
However, Sygnity (-7.3%) performed worse after the publication of estimated results for 2025 and the clothing manufacturer VRG (-1.93%). Although VRG boasted an increase in net profit in the fourth quarter to nearly PLN 50 million, the market focused on profit-taking after previous increases.
