There is no trace of the drones. Market optimism conquered by the CJEU and data from the USA
WIG20 from Wednesday's minimum has already reflected by nearly 3.5 percent. On Thursday, investors continued to increase the day before. Banks had a great impact on the excellent condition of the index, after a good opinion of the CJEU spokesperson for them, regarding loans based on WIBOR. Increases have accelerated after data from the USA, which increased appetite to risky assets.
At Wednesday's minima, when the market reacted to events in Poland related to the shooting of Russian drones, WIG20 dropped by up to 2.7 percent. Even before noon, investors initiated a reflection, which, although on Wednesday did not end in a positive result of the session, it was already on Thursday, while maintaining the dynamics of movement, meant that WIG20 was the strongest index in Europe that day. The task was not easy, because there were many threats along the way.
First of all, you could be afraid of the replays of night raids of foreign drones, but in the morning information services reported only about the events of the previous day. Secondly, before noon, the General spokesman of the CJEU issued an opinion regarding the legal question of the Polish court regarding WIBOR loan agreements (opinions are not binding on the Tribunal, but most often judgments are consistent with them), which supported banks.
Thirdly, although it was the ECB decision day on interest rates (no changes) and publications of monthly inflation data in the USA (in line with the expectations of 2.9 percent of RDR), the attention of the market was focused by weekly data from the local labor market (applications for unemployment benefit amounts to 263,000 in the forecasts) that seem to be Fed's foot cuts, which the stock markets accepted with satisfaction. The dollar was worse, which began to lose over 0.3 percent to the euro. and thus 0.35 percent to the zloty. The above mix meant that WIG20 has a strong session behind the WGW, where foreign capital operates primarily. Instead, companies from lower market segments were weaker on Thursday.
WIG20 gained 1.57 percent at the end of the day, and from Wednesday's minimum it reflected by 3.4 percent. And it is higher than he was before the Polish Army was shot down by Russian drones. WIG gained 1.33 percent on Thursday In turn, MWIG40 increased by 0.82 percent, and SWIG80 was only 0.27 percent. higher. Turning in the wide market reached PLN 1.74 billion, of which PLN 1.46 billion concerned companies from WIG20.
Among the blue chips in the foreground was definitely the banking sector, which, shortly after the declaration of the decision of the CJEU spokesman, scored a cosmetic withdrawal in anticipation of interpreting the details of the case of gold mortgage loans based on WIBOR. After the lawyers translated the legal language into a legible message for investors, WIG-Banki began to gain.
According to Bartosz Miąskiewicz, a lawyer from CMS Cameron McKenna, cited by PAP, the CJEU judgment in accordance with the opinion of the general spokesman issued on Thursday would not mean a breakthrough in Polish case -law, which is currently beneficial to banks. WIG-Banki gained 1.92 percent at the end of the day. And he was one of the strongest sector indexes. In WIG20, Alior's shares gained 3.12 percent, mBank 2 percent, Santander 1.78 percent, PKO increased by 2.02 percent, and Pekao by 1.66 percent.
CCC (5.03 percent) was the most growing company, however, the qualities of LPP (3.21 percent) were also strong. In addition to the generally good sentiment on the markets, the demand for shares of clothing companies could generate a message after the results for the first half of the Spanish industry tycoon, Inditex. Investors breathed a sigh of relief when they learned that the gross profit margin in the first half of the year remained at a stable level of 58.3 percent, and the company did not change its forecasts. The company also informed about the strong start of the autumn-winter season. WIG-WIGN on the WSE gained 3.69 percent And it was the strongest sectoral index, ahead of fuel (2.46 percent), for which Orlen (2.49 percent) and the banks mentioned above.
In WIG20, a total of 19 companies were increasing, and the role of a maruder was adopted by a CD project, which fell by 0.12 percent. Of the largest Budimex companies (1.07 percent), he said that he had concluded a contract with PSE for the construction of a new power station for over PLN 134 million.
From the so -called The wide market is worth paying attention to the discount of AB (-10 percent) in response to information about the price of transactions and exit from the main shareholders. In addition, the Erste Group analyst reduced the recommendation for Grenevia (-6.69 percent) to “reduce” from “Buy” and set the target price of this company at PLN 3.45. Grenevia is one of the last market stars of speculation on the new directions of activities of several WSE companies related to defense. The second day of declines, after the rally by several hundred percent, is recorded by Bumech (-18.09 percent), another company from this group. Arctic Paper (-4.08 percent) also scored a weak session after PKO BP analysts issued the “Sell” recommendation. The Pure Bilogics exchange rate (43.66 percent) stood out on a plus, after the management board withdrew for bankruptcy of the company. At the end of August, Pure Biologics obtained over PLN 4 million from the issue of shares, which – as reported – restored financial liquidity to the company and restructured the financial liability.
Michał Kubicki
