Stocks report: Mixed bag on the WSE

Arbitrage traders were again very active, which caused another record in open interest for WIG20 December futures. This is a positive sign, because it confirms new highs on the market, but on the other hand suggests that an important market crest may be at hand.

Media, food and construction/real-estate stocks were the top performers. In media, the top picks were WSiP and TVN. WSiP informed that its employment restructuring process was close to an end, and it would add zł.2 million to its bottom line. TVN rose due to its excellent viewership numbers.

IT, telecoms and oil producers were the weakest performing sectors. In the IT branch, Prokom lowered its 2006 fiscal year forecast, which caused some sell off of its stocks.

Millennium Bank released financial data for Q3 2006, which lifted the stock price. I think it is a good hint for other banks and other companies that are due to report in the coming weeks.

Next week's Fed decision will be closely followed by market participants, and it should show the market's direction.

Tomasz Jerzyk,

technical analyst DM BZ WBK SA