Warsaw, Feb 28, 2026, 09:39 CET — Market shut for the session.
- Warsaw’s blue-chip index ended the week up, though Friday trading saw the usual divide—commodity-linked stocks on one side, financials on the other.
- Fresh headlines kept company-specific risk high for PZU, Allegro and Orlen.
- Next up: a data-packed early March calendar, likely to jolt rate expectations and risk sentiment.
The WIG20 index, covering Warsaw’s top 20 blue chips, wrapped up last week with a 1.66% gain. Friday’s close landed at 3,440.02, slipping 0.24% for the session. Over the week, WIG20 stocks turned over roughly 2.29 billion zlotys.
The index’s big banks, insurers, and state-connected energy stocks usually move quickly on rate expectation shifts—so that weekly climb is suddenly important. With the market closed until Monday, investors are left deciding if the freshest batch of corporate headlines fizzles out or snowballs into something larger.
Sentiment overseas matters as well. When global risk appetite falters, the impact lands in Warsaw—banks, cyclicals, and the zloty can all take a hit, regardless of whether the trigger is homegrown.
The WIG index slipped 0.08% to close Friday at 126,786.67 points. Among smaller names, mWIG40 picked up 0.28%. sWIG80 advanced too, tacking on 0.51%.
KGHM surged 4.26% to top the WIG20 on Friday. Budimex picked up 2.15% and PGE advanced 1.76%. Shares of CD Projekt lost 2.61%. Banks pulled lower: PKO BP slipped 1.22%, Santander Bank Polska gave up 1.50%, while mBank declined 1.57%.
PZU shares slumped 5.2% Thursday morning after Poland’s biggest insurer posted a 12% drop in fourth-quarter net profit, down to 1.47 billion zlotys. Tougher competition and tightening on pricing hit the group’s motor insurance segment. “Could suggest some competitive pressure on pricing,” Erste Group’s Lukasz Janczak wrote, flagging the weaker non-life revenues. Trigon’s Maciej Marcinowski added, “an intensifying price war does not bode well for the coming quarters.” PZU was the steepest decliner on the WIG20. Reuters
Allegro drew attention after Poland’s antimonopoly regulator searched the e-commerce company’s Poznan headquarters and its Warsaw offices. The watchdog suspects Allegro may have been boosting its own logistics operations at the expense of competitors as it ramps up delivery efforts to rival InPost, which runs parcel lockers. UOKiK chief Tomasz Chrostny said suspicions were strong enough to secure a court warrant. Allegro spokesperson Marcin Gruszka said the group is “fully cooperating”. Reuters
Orlen, a major name on the WIG20, announced plans to put 5.11 billion zlotys ($1.43 billion) into Energa via a rights issue, pricing the new shares at 18.50 zlotys apiece. The energy company, which already owns 92% of Energa, said the cash raise will help overhaul Energa’s balance sheet and back its growth plans.
Friday wrapped up with a shakier tone across global markets. “It’s time for a breather,” said Talley Leger, chief market strategist at The Wealth Consulting Group. Global stocks gave up ground; oil climbed, with traders eyeing supply risks. Reuters
Political tensions are also in play. On Friday, Poland’s parliament signed off on a measure to tap 43.7 billion euros in EU loans aimed at shoring up defense—though the plan faces a potential roadblock if President Karol Nawrocki decides to issue a veto.
Risks run in both directions. Should policymakers resist the market’s rate-cut bets, banks might lose ground fast. Regulators, for their part, may keep volatility elevated in individual consumer and tech stocks.
The National Bank of Poland’s Monetary Policy Council is slated to meet March 3–4, with Eurostat’s preliminary February inflation reading expected out on March 3. GPW Benchmark plans to unveil updates to major indices like the WIG20 on March 5. Investors are also watching for the U.S. February jobs report, which lands March 6.
