Stocks report: A profitable week
All major WSE indices managed to close higher last week, with the blue-chip WIG20 leading the way - it gained 2.6 percent on the week. A positive mood on foreign bourses and strong performances among financial stocks helped to lift the WSE's indices.
A number of listed companies presented their Q1 2008 earnings reports and some big banks surprised the street with better-than-expected quarterly numbers. BZ WBK (parent company of DM BZ WBK) was the top gainer among financials, adding 9.5 percent on the week, although its numbers were very much in line with the market consensus. ING Bank lšski and Bank Millennium were also strong, soaring 9.3 and 6.6 percent respectively.
On the broader market, HTL Strefa and Kolastyna gained the most - 27 and 22 percent, respectively - with far better than expected earnings pushing investors to buy those stocks. Both companies have suffered a lot in recent months and I hope that they will continue their rally in the coming weeks.
Not everything went well on the market, however - a number of companies remained under selling pressure and many set new 52-week lows. Penny stocks were hit particularly hard as well as those stocks that missed analysts' expectations with their financial reports. IDM and Mostostal Warszawa disappointed investors the most, and their stock fell by eight-to-nine percent each as a result.
The earnings season comes to an end this week, but there are some big-cap stocks still waiting to report.
Tomasz Jerzyk, technical analyst DM BZ WBK SA
