Thursday's trading on the Warsaw Stock Exchange took place in the shadow of the long-awaited Nvidia report. Although the US tech giant beat expectations, markets reacted according to the “buy the rumor, sell the facts” rule. In Warsaw, investors had to deal with a wave of results from domestic tycoons and unexpected visits of the services to their headquarters. The bright spot was the energy sector, where the fuel for growth may be several quite obvious factors.
Only at the beginning of the trading session, green was seen on the two main indices of the domestic stock exchange. Later WIG and WIG20 consolidated slightly below Wednesday's closing, which meant a record bull market for WIG20. Small and medium-sized companies looked good compared to them. The reshuffle occurred after the opening of spot trading on Wall Street, where the catalyst for emotions was the Nvidia report for the fourth quarter of 2025.
Even though revenues from data centers skyrocketed by 75% and the results beat forecasts, the company's spot price lost over 5%. Investors, used to spectacular surprises, reacted according to the classic principle “buy rumors, sell facts”. The deterioration of moods on the broad market was reflected at the end of the session in Warsaw, which brought a quite significant decline and almost the entire Wednesday's increase was erased.
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At the end of the session, the index WIG20 lost 0.99%, and the broad WIG fell by 0.67%. Against this background, mWIG40 was stronger, gaining 0.11 percent, and sWIG80 with an increase of 0.02 percent. The turnover on the broad market amounted to PLN 2.4 billion, of which PLN 2 billion concerned WIG20 companies.
Energy rally under ETS?
Industry the energy sector became the leader of the session. The star of the session was PGE from WIG20, whose shares increased by 7.67%, exceeding the level of PLN 11. On Wednesday we reported that, according to DM Trigon, domestic energy companies are attractive due to their high exposure to distribution. In the context of the sector, it is worth paying attention to the German Chancellor's February comment regarding the “revision” of the ETS system. Although he later softened his stance, the discussion in the core of the EU about the inhibitory impact of the ETS on the economy may increase the prices of companies from the sector. Italians are also reporting a problem in the ECJ.
Moreover, it is worth noting market trends and capital flows to emerging markets, including its observed rotation towards value companies at the expense of growth companies, which The Polish energy sector fits perfectly. Apart from PGE, Kogeneracja gained 4.59% after the results, Tauron gained 3.99% and Enea 3.86%. The WIG-Energy index has gained over 26% since the beginning of the year.
Orange is the new green
Orange Polska also looks spectacular. The telecom price gained over 5% at times, ultimately ending the session with an increase of 2.45%. Since the beginning of the year, the company is already 39 percent in the positive. The fuel for growth is the recently announced dividend recommendation of PLN 0.61 per share and solid operating results, as well as the market trends mentioned above, which the company also fits into.
PZU is in decline, Allegro has been searched
They had no reason to be happy PZU shareholders. Despite the record profit for the entire year 2025 (PLN 6.7 billion), the fourth quarter itself turned out to be weaker than the consensus and last year's results (a decrease of 12.3% y/y).
The insurer's stock dropped by 3.38%.
Allegro was also hot (-1%). The company informed that searches ordered by the Office of Competition and Consumer Protection with the assistance of the police took place in its offices in Poznań and Warsaw. These activities are related to proceedings regarding a possible violation of competition rules, which immediately caused a nervous reaction from investors. The coin rate dropped to around 3%.
Orlen is trying to delist Energa from the stock exchange, KGHM is trading like silver
Orlen (0.12%) was also in the spotlight, where the supervisory board appointed Paweł Wojtunik as a member of the management board for safety. The giant's stock gained slightly, but Energa suffered (-4.18%). A company controlled by Orlen, where, at the giant's request, the capital is to be increased by over PLN 5.1 billion through a rights issue, which the market perceived as a signal of an attempt to obtain such a majority of votes that would allow for squeezing out minority shareholders.
Strong the correction after Wednesday's rally affected KGHM (-5.91%).
After a series of increases, during which the company gained over 14%, there was a cooling down, correlated with metal prices. First of all, silver, which also lost around 6% on Thursday. The company's president also announced that supervision over subsidiaries would be streamlined and that foreign markets would be further monitored.
IT equipment makes money
On a broad market in the mid-cap segment IT distributors excelled after the results are published. AB Group (6.8%) after reporting that net profit shot up by 42%. y/y, beating the consensus by 27%. In turn, Asbis (6.14%) delivered results for the fourth quarter in line with high expectations.
Wasko caused a sensation whose price increased by 11%. The company won the prestigious tender of the IT Center of the Ministry of Finance for the supply of data storage systems worth PLN 84.5 million. Odlewnie Polskie (7.89%) has set new records and a further rally.more about which in the article “The speculations turned out to be successful and allowed the Bankier Forum and OSINT Odlewni Polskich to earn over 100 percent.”
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