Stock Markets January 28, 2026

WIG30 Climbs to Record as Materials, Oil and Chemicals Stocks Drive Warsaw Rally

CD PROJEKT, KGHM and Cyfrowy Polsat lead gains while market breadth shows more decliners than advancers

By Leila Farooq
WIG30 Climbs to Record as Materials, Oil and Chemicals Stocks Drive Warsaw Rally

Poland's main blue-chip index closed higher on Wednesday, with the WIG30 rising 0.78% to reach a new all-time high. Gains were concentrated in Basic Materials, Oil & Gas and Chemicals names, led by strong performances from CD PROJEKT, KGHM and Cyfrowy Polsat. Despite the headline advance, more stocks declined than rose on the Warsaw exchange. Commodity and currency moves accompanied the equity action.

Key Points

  • WIG30 closed up 0.78% at a new all-time high, driven by gains in Basic Materials, Oil & Gas and Chemicals.
  • CD PROJEKT (WA:CDR), KGHM (WA:KGH) and Cyfrowy Polsat (WA:CPS) were the session's largest gainers; Budimex (WA:BDXP), Enea (WA:ENAE) and mBank (WA:MBK) were among the biggest decliners.
  • Commodity and FX moves accompanied the equity session: crude and Brent oil rose, gold futures gained sharply, EUR/PLN and USD/PLN both strengthened, and the US Dollar Index Futures climbed.

Poland stocks finished the session higher on Wednesday as sectoral advances in Basic Materials, Oil & Gas and Chemicals supported an overall market uptick. At the close in Warsaw, the WIG30 rose 0.78% and touched a fresh record high.

Top performers

  • CD PROJEKT SA (WA:CDR) led gains on the WIG30, jumping 7.45% or 19.80 points to finish at 285.60.
  • KGHM Polska Miedz SA (WA:KGH) added 6.23% or 20.70 points, closing at 352.70.
  • Cyfrowy Polsat SA (WA:CPS) rose 3.10% or 0.40 points to 13.30 at the close.

Lagging names

  • BUDIMEX SA (WA:BDXP) was the weakest among the WIG30 constituents, slipping 1.68% or 11.60 points to 678.40.
  • Enea SA (WA:ENAE) declined 1.60% or 0.34 points to end at 20.90.
  • mBank SA (WA:MBK) fell 1.41% or 14.50 points to close at 1,017.00.

Market breadth was mixed-to-negative despite the index gain. On the Warsaw Stock Exchange, falling stocks outnumbered advancing issues by 294 to 251, while 102 shares finished unchanged.

Additional market details highlighted moves in specific instruments and contracts. Shares in CD PROJEKT SA rose to three-year highs, gaining 7.45% to 285.60.

Commodities

  • Crude oil for March delivery increased 0.79% or 0.49 to trade at $62.88 a barrel.
  • Brent oil for April delivery climbed 0.60% or 0.40 to $66.99 a barrel.
  • The April Gold Futures contract rose 3.74% or 191.49 to trade at $5,312.09 a troy ounce.

Foreign exchange and dollar index

  • EUR/PLN moved up 0.23% to 4.21.
  • USD/PLN rose 1.17% to 3.53.
  • The US Dollar Index Futures was up 0.38% at 96.42.

The session combined a headline index milestone with uneven internals. While the WIG30 reached a new record thanks to notable gains among select large caps, the number of decliners exceeded advancers on the exchange. Commodity price increases and currency moves were recorded alongside the equity performance.

Risks

  • Market breadth lagged the headline: more stocks fell than rose (294 decliners vs 251 advancers), which could signal uneven participation across sectors - this impacts the broader equity market and specific sectors like Basic Materials and Chemicals.
  • Volatility in commodity prices - rises in crude oil, Brent and gold were recorded - which can affect earnings and input costs for Oil & Gas and Basic Materials companies.
  • Currency fluctuations, with EUR/PLN and USD/PLN moving higher and the US Dollar Index Futures up, may influence firms with foreign-currency exposure and cross-border revenue streams, particularly exporters and importers in the industrial and energy sectors.

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