Thursday was characterized by low turnover on the Warsaw Stock Exchange, which can be associated with Thanksgiving and a day off on Wall Street. After the results were presented on Książęca, CD Projekt's shares went up significantly. The attention of analysts, investors and the Polish Financial Supervision Authority was also drawn to Orlen's tender offer for Energa shares.
Apart from low turnover, the main WSE indices also showed low volatility on Thursday, ranging from 0% to -0.5%. It was also relatively calm on other European stock exchanges, where, similarly to Warsaw, the absence of investors from the United States was noticeable. At 17:00 the German DAX was gaining 0.26%, and the French CAC recorded a cosmetic increase of 0.04%.
Futures contracts for the S&P500 and Nasdaq indexes were trading near the reference point. On Thanksgiving Day, the largest declines among the world's main stock indices were recorded by the Russian MOEX, losing 1.76%. The Bloomberg agency wrote on Thursday about the economic problems of Putin's country, which was picked up by other leading financial media.
Returning to Warsaw, the session on November 27 ended with a decline in the WIG20 index by 0.36% to 2,992.78 points. WIG retreated by 0.15%. The MWIG40 and SWIG80 indices ended the trade in positive territory, gaining 0.55% and 0.12%, respectively.
The already mentioned low turnover on the Warsaw Stock Exchange amounted to less than PLN 1.26 billion, of which PLN 1.02 billion was accounted for by trading in shares of companies from the WIG20 index. The leaders in terms of turnover were CD Projekt (PLN 191 million), Orlen (PLN 156 million) and Allegro (PLN 102 million).
CD Projekt shares are rising after the results
Among WIG20 companies, the best performers on Thursday were CD Projekt shares, which increased by 2.59%. (although during the day the increase even exceeded 7%). The jump in prices is a reaction to the company's very good results for the third quarter. Net profit amounted to PLN 193.5 million and was over 18% higher than the consensus. CD Projekt's results were mainly influenced by the continued high sales of Cyberpunk 2077, which has already sold 35 million copies.
Orange (+1.90%) and CCC (+1.68%) also stood out positively from other blue chips. Apart from them, Santander (+0.37%), Kęty (+0.37%), Kruk (+0.30%), KGHM (0.24%), PZU (+0.13%) and PKO (+0.10%) were also above the mark. Pekao ended the session at the reference point.
At the opposite end of the index of the largest WSE companies were Orlen's quotations that day, which fell by 2.37%. On Thursday, the group announced an invitation to sell the remaining shares of Energa, traded at a price higher than the one offered on the stock exchange, but before it did so, someone was buying shares in large quantities in large orders, which caught the attention of the Polish Financial Supervision Authority – described in the text “What is happening in the Orlen Group. Energa may leave the stock exchange in an atmosphere of scandal” editor of Bankier.pl Michał Kubicki.
Meanwhile, Energa's shares rose by 11.48%. The price of Orlen's tender offer was set at PLN 18.87. According to analysts' opinions collected by Bloomberg, inviting Orlen to sell Energa shares is a rational scenario, and the valuation is consistent with the fundamentals.
Gaming and IT companies dominated the MWIG40 index on Thursday. 11 bit studios gained 6.26%, HUUUGE shares rose 4.17%, and Cyber Folks recorded an increase of 2.96%.
Rainbow Tours shares increased by 2.52% after the results. The company recorded a net profit of PLN 160 million in the third quarter (13% above the consensus) and announced that it would allocate half of it to the payment of dividend.
The weakest average company was Text, whose shares lost as much as 8.37%. The results presented after Wednesday's session did not meet analysts' expectations. The net profit of PLN 28.6 million was 5% lower than the consensus.
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