The last mile to our best year in 26 years. The accelerating KGHM collects a huge part of the turnover
In WIG20, the last month of the year began with a slight advantage in demand, which keeps the index on the path to the highest annual rate of return since 1999. The main stock exchange index in Warsaw stood out from the packs in Europe, gaining mainly thanks to the growth of KGHM, which improved this year's peaks.
At the moment, this year's WIG20 rate of return is 37%. and if the entire year ended with this result, the index would achieve its highest annual return since 1999, when it gained 44.1%. The latest economic data, such as retail sales, industrial production or inflation, certainly did not prevent the implementation of such a scenario.
On Monday, the package was complemented by the highest PMI reading in over three years and an equally long-unseen annual GDP dynamics for the third quarter, which turned out to be even higher than the preliminary estimate. The Monetary Policy Council's decision on interest rates will be finalized on Wednesday. However, there is no doubt that a lot will depend on how the peace talks in Ukraine will go.
At the end of the day, despite the observed declines in Europe (DAX -0.9%, CAC40 -0.3%) and Wall Street (S&P500 -0.5%, Nasdaq -0.6%), WIG20 (0.18%) managed to stay positive and defend the level of 3,000 points. WIG was higher by 0.05 percent, while mWIG40 dropped by 0.55 percent. and an increase in sWIG80 by 0.27%. The turnover on the broad market amounted to PLN 1.48 billion, of which PLN 1.2 billion concerned WIG20 companies.
In this field, trading in KGHM shares stood out in WIG20 (2.93%), which, being the leader of the increases, also generated a turnover worth PLN 265 million, accounting for nearly 18%. trading on the entire stock exchange. The rate was supported by increases in copper and, above all, records in silver, of which the company is the second largest producer in the world. The good shape of the company's share price is also based on tax changes and, above all, the prospects for the copper market.
Apart from KGHM, the share price of Allegro also stood out (0.86%), and has been rising recently since the resulting sell-off. In the WIG20 portfolio, over 1.4 percent Alior shares gained (1.2%), and 0.83%. PKO BP. The shares of Orlen, Orange, PZU and Budimex also recorded slight increases. In the context of the latter, the president informed PAP Biznes that the company, after completing the modernization of the Warszawa Zachodnia station, is preparing an offer for the reconstruction of the Warszawa Wschodnia station and treats this contract as a priority.
The decline in WIG20 affected the prices of 12 companies, of which the most lost were shares of PGE (-4.44%) and CCC (–4.52%). The significant depreciation of the energy sector has been going on since it was announced that the government is working on changing the calculation of the distribution fee. With regard to the footwear and fashion giant, BM PKO BP issued a “sell” recommendation for the company's shares with a target price of PLN 105. The CCC rate ended the session at PLN 129.00. LPP share prices were also under pressure (-1.23%). Last Friday, the company announced that it would make write-offs regarding Russian assets in the results for the third quarter, and their total impact on the consolidated and standalone net result will amount to approximately PLN 788 million.
Other banks, led by Santander (-0.66%), had smaller discounts in WIG20. The shares of Kruk (-0.71%) and Pepco (-0.9%) lost slightly more.
In the so-called second line, i.e. in the mWIG40 index, it is worth paying attention to JSW (-0.3%). Trade union organizations operating in Jastrzębska Spółka Węglowa announced on Friday that they had initiated a collective dispute with the company's management. In the lower market segments, PlayWay shares dropped by 4.25%. after the company's net profit in the third quarter amounted to PLN 11.8 million. The consensus of expectations was PLN 27.7 million. In turn, PCF Group fell by 6.53%. after the company announced that it would create an impairment loss of PLN 92 million in the results for the third quarter. The company announces the results after the session on December 1.
It was interesting for Columbus's shares (-4%), which at times lost 10% during the session. The company issued a statement answering a question from a shareholder regarding clarification of the situation between the company and Saule Technologies, which seems to have a lively community of investors and startupers, after the interview that Olga Malinkiwiecz gave to Channel Zero and the confrontation with Dawid Zieliński, the president of Columbus and an investor in Saule, which took place during the broadcast of the conversation on YouTube.
Michal Kubicki
