Poland’s blue‑chip index finishes higher on November 12, while mid‑caps edge up and small‑caps dip; investors weigh fresh NBP rate cut, cooling inflation, and stronger Europe.
WARSAW — November 12, 2025. The Warsaw Stock Exchange opened the week’s second trading day on the front foot after Tuesday’s Independence Day break, with the WIG20 closing at 3,050.12, up 1.02% on the session. The mid‑cap mWIG40 added 0.47% to 8,166.12, while the small‑cap sWIG80 slipped 0.07% to 29,891.88. Official index cards from administrator GPW Benchmark confirmed the day’s open, intraday range and close.
The gains came as trade resumed following the November 11 market holiday, part of the exchange’s published 2025 calendar of closures.
Big caps set the tone
Market breadth among blue chips was constructive. By late morning, a WIG20 heat map showed PKN Orlen, PZU, Santander Bank Polska and PKO BP firming, while Żabka also traded higher. Retail names were softer, with Dino Polska and CCC among notable laggards at that stage of the session. (Intraday moves referenced here are indicative; closing index levels are cited above.)
The broader WIG index hovered near 113,000 points and remained within about 1% of its 52‑week high (114,066.64), underlining how much of 2025’s advance has been retained despite recent volatility.
Macro backdrop: easier policy, cooler prices
Poland’s macro mix continued to support equities. Last week the Monetary Policy Council trimmed the NBP reference rate to 4.25%, the fourth consecutive 25 bps cut this year, with the decision effective November 6. Headline CPI eased to 2.8% y/y in October in Statistics Poland’s flash estimate. Benchmark 10‑year bond yields hovered a touch above 5.3% on Wednesday, while the złoty was little changed near PLN 4.23 per euro on the ECB’s latest reference fixing.
Europe’s risk‑on tone helps
Polish equities also rode a positive regional tone: European stocks set fresh records on Wednesday as investors looked to an end to the U.S. government shutdown and rotated into financials, a sector well represented in the WIG20.
What’s next
Index housekeeping will return to the fore in early December, when GPW Benchmark announces the quarterly portfolio changes for WIG20, mWIG40 and sWIG80 on December 4—events that can spur repositioning around the main benchmarks. Among forthcoming corporate catalysts, Allegro is slated to report Q3 2025 results on November 19.
Key numbers (November 12, 2025 close)
- WIG20: 3,050.12 (+1.02%) — day range 3,015.36–3,051.40.
- mWIG40: 8,166.12 (+0.47%).
- sWIG80: 29,891.88 (−0.07%).
All market data in this article are current as of November 12, 2025 and sourced from official GPW Benchmark pages or reputable financial wires and institutions as cited.
