WSE: Session Results

Polish equity market closed lower on Tuesday. The broad market benchmark, the WIG Index, dropped by 0.35%. Sector-wise, utilities names (-2.31%) were the worst-performing group, while telecommunication sector stocks (+0.47%) outpaced.

The large-cap stocks' measure, the WIG30 Index, fell by 0.54%. In the index basket, genco PGE (WSE: PGE) led the underperformers with a 3.37% drop, followed by agricultural producer KERNEL (WSE: KER) plunging by 3.16%. Other largest decliners were genco ENERGA (WSE: ENG), railway freight transport operator PKP CARGO (WSE: PKP) and oil refiner PKN ORLEN (WSE: PKN), losing between 2.3% and 2.37%. It should be noted that ENERGA, reportedly, may start negotiations with its bondholders in September over covenants requiring that net debt to EBITDA ratio does not exceed 3.5, as the plan to revive investment in the coal-fueled power plant in Ostroleka had triggered a risk that the covenants could be breached. On the other side of the ledger, footwear retailer CCC (WSE: CCC) and bank MILLENNIUM (WSE: MIL) were the session's best performers, jumping by 1.91% and 1.59% respectively.