The last session of February on the WSE was marked by attempts to stabilize the quotations of the main indices. A slight advantage of supply in the second part of the day reflected the mood on the core markets. The energy sector continued its good run, and we observed another turnaround in KGHM.
Investors are torn between Nvidia's strong results and concerns about stock valuations and geopolitical tensions. Concerns about a US attack on Iran increased by over 2%. oil prices. Capital was more willing to look towards safer havens, which resulted in over 1%. gold bulls. By nearly 7 percent. silver prices rose, and copper prices also went up. The visible rotation of capital towards raw materials and value companies is increasingly visible in market trends.
At the close of the session, WIG20 lost 0.24%, falling to approximately 3,440 points. The broad WIG decreased by 0.08%. to 126,786.67 points, and mWIG40 recorded an increase by 0.28%. The small-cap segment from sWIG80 ended Friday above the mark, gaining 0.51%. Despite today's shortness of breath for blue chips, the balance of the entire week remains solid – WIG20 gained 1.9% in five days, and WIG 1.45%.
An expert's view: a global retreat from risk
According to Mateusz Chrzanowski, an analyst at Noble Securities, Friday's declines are a classic example of a “risk-off” strategy. After a series of dynamic increases, investors decided to take profits, which coincided with an increase in the value of the dollar and a decline in the yield of treasury bonds in Poland and the USA.
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– We see that banks and companies that respond to the level of risk, such as CD Projekt, are declining. This is the result of global sentiment. After Nvidia's results, the session in the United States was weak and today we have a continuation. Positive scenarios are probably already priced in, said Mateusz Chrzanowski, an analyst at Noble Securities.
It is worth noting that investors are, as usual, cautious before the weekend, especially since there is a possible escalation of tensions between the US and Iran. For now, negotiations are ongoing on neutral ground regarding the Iranian nuclear program, allegedly destroyed by US airstrikes last year.
“In the near future, at best, I would expect consolidation in large companies. But if global risks materialize, we will probably be talking about some kind of correction,” added Mateusz Chrzanowski,
Energy powered by AI data centers
The real hero of the day was the energy sector. The WIG Energia index increased by 1.05%, and during the day it set a new historical maximum of 5,128.5 points. In Warsaw, the growth leaders were PGE (1.78) and Enea (1.98%). Tauron (0.38%) was slightly behind. We wrote more about the factors behind the increases the day before, on the occasion of the previous records.
Banks are the biggest weak link, reflected in IT
Today, financial institutions constituted the greatest burden for indices. WIG Banki dropped by 1.09%. In WIG20, the sector's biggest losses were Alior (-1.77%), mBank (-1.57%) and Santander (-1.5%). PKO BP lost 1.22%. and Pekao gave 0.83 percent. An additional factor weakening mBank was the management board's recommendation not to pay dividend for 2025.
In turn, looking only at specific companies, the biggest decline in WIG20 was CD Projekt (-2.61%) and Modivo (-1.86%). Retail companies such as Pepco (-1.64%), Żabka (-0.67%), Allegro (-0.52%) and Dino (-0.15%) also performed poorly.
KGHM is in trouble again
Among the blue chips, the strongest increase was achieved by KGHM (4.26%), which, after yesterday's almost 6% depreciation, returned to buyers' favour. Two days earlier, the rate gained over 6%. The attitude of the copper company in recent weeks is related to the fluctuations in silver prices, which, as mentioned at the beginning, increased significantly on Friday.
Moreover, Budimex is also climbing steadily in WIG20 (2.15%), which has already gained 45% since October. value, and on Friday it was the second strongest WIG20 company. In total, only 6 stocks among blue chips recorded increases. In addition to the above-mentioned Orange (0.57%), PZU (0.15%) and LPP (0.05%).
Better sentiment in IT
After Thursday's session on Wall Street, the mood in the IT sector improved. The WIG Informatyka index gained 0.74%, breaking the black series from the beginning of the week. The largest gainer was Asseco Poland (0.97%), and the star of the industry was Text (4.45%), which boasted a net profit slightly above expectations, and Ailleron (4.71%), generating nearly PLN 21 million of operating profit in the fourth quarter, which significantly beat analysts' forecasts.
In the segment of smaller companies, Creotech Instruments was the undisputed leader, growing by 10.1%. Stalprofil also stood out (6.42%) thanks to a spectacular increase in net profit in the fourth quarter (by 417% y/y). AmRest had a bad session (-5.76%) after the results were published.
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