WSE: Session Results

Polish equity market closed higher on Thursday. The broad market measure, the WIG index, added 0.48%. Sector-wise, materials (+7.42%) fared the best, while media (-2.39%) posted the worst result.

The large-cap stocks' measure, the WIG30 Index, advanced 0.46%. Copper producer KGHM (WSE: KGH) kept its position as a growth leader among the large-cap stocks, gaining a further 8.05%, helped by growing copper prices and better-than-expected Q3 earnings results. The company reported almost ten-fold y/y rise in Q3 net profit to PLN 329 mln, while analysts had forecast income of PLN 243.3 mln. It was followed by coking coal miner JSW (WSE: JSW) and thermal coal producer BOGDANKA (WSE: LWB), which jumped by 6.85% and 3.69%. JSW posted mixed Q3 results, as its revenues of PLN 1.67 bln exceeded analysts' expectation of PLN 1.591 bln, but its net loss of PLN 139 mln was bigger than a PLN 12.4 mln loss expected by analysts. However, in 9-month period, the company managed to cut its losses by 54% y/y to PLN 288.2 mln. BOGDANKA revealed Q3revenues of PLN 465.4 mln (-4% y/y) versus analysts forecast of PLN 438.1 mln and Q3 net income of PLN 45.2 mln (-20% y/y) versus analysts' forecast of PLN 42.2 mln. At the same time, the session's weakest name was FMCG-wholesaler EUROCASH (WSE: EUR), which lost 4.33% on the back of weaker than forecast Q3 bottom-line result. The company announced its net profit stood at PLN 58.7 mln (-16% y/y) in Q3, while analysts had expected PLN 72.5 mln. Other largest laggards were clothing retailer LPP (WSE: LPP), media group CYFROWY POLSAT (WSE: CPS) and genco PGE (WSE: PGE), dropping by 4.23%, 3.22% and 3% respectively.