Stocks report: A mixed finish

The mWIG-40, which measures medium-sized companies' performance, continued its positive run and set new all-time highs, gaining more than three percent on the week. On the other end, the WIG20 large-cap index lost nearly two percent, mainly due to some earnings disappointments as well as a global copper futures sell-off, which had negative impact on KGHM (the world's fourth largest copper producer, down six percent). Earnings-reporting season ended last week and generally Q1 2007 was another positive period for companies listed on the WSE, which of course confirms positive growth prospects for the whole of Poland's economy. However, some companies reported their numbers below market expectations, and among them were Sygnity, Bioton, PKN Orlen and TVN.

Netia continued its rise after a weaker performance in recent weeks. The company reported that it's mobile company P4 (operator of the brand Play) managed to sign 100,000 customers within the first three months of its launch of operations.

It is rather hard to guess what to expect in the following days, as Polish blue chips underperformed in comparison to other global markets. I think that there will be several investment opportunities next week, but I'm not so sure if indices will also gain.

Tomasz Jerzyk, technical analyst DM BZ WBK SA