Stock report: WSE sees mixed finish

Stocks on Poland's bourse had a mixed finish last week, as blue chips continued their success, but small and medium-sized companies' indices fell. Big-cap stocks found support from positive Q1 earnings reports, as well as the strong performance of raw materials on global markets.

The bulls were largely focused on oil, telecom and big bank stocks. PGNiG was the top pick among WIG20 stocks, and its share price gained seven percent on the week, mainly due to its better-than-expected financial report. Shares of GTC and PKO BP also benefited from strong Q1 results.

Rafako was an interesting stock on the overall market - its price soared more than 14 percent and the company signed a large contract with Vattenfall.

On the other hand, Agora was under selling pressure, as it announced its first long-awaited acquisition. Trader.com, the acquired company, owns some internet portals, but it seems that Agora paid a lot. Investors reacted negatively to the news and the company lost seven percent on Thursday.

Also, Asseco Poland signed a merger agreement with ABG, but financial investors were very disappointed with the merger parity and sold off ABG stock.

It was quite an interesting week on the WSE, as plenty of companies released their financial reports. This week there will be another national holiday on Thursday, so the market will probably be less interesting, with lower volume.

Tomasz Jerzyk, technical analyst DM BZ WBK SA