Stocks report: Mixed end to week

The large-cap WIG20 index jumped by more than three percent, while small and medium-sized indices ended in negative territory. Rising copper-futures prices helped to lift KGHM shares, while lower-than-anticipated CPI figures pushed investors to buy bank stocks as another rate hike in Poland now seems less likely in near future.

BZ WBK was a top pick, after the company revealed that it's planning to increase sales of mortgages and cash loans significantly in the coming months. The best performing sector on the market was media, however, and the October parliamentary elections should have positive impact on media stocks' balance sheets. Food and IT stocks under-performed the market, with Indykpol and Wilbo suffering the most among food companies, while a selloff on Asseco Poland weakened IT shares.

The news that Asseco is planning to acquire a 23-percent stake in Prokom, which currently belongs to Ryszard Krauze, was met with interest from analysts, but they still have some reservations concerning price level and financing of the acquisition.

In the coming week investors will be watching the US Federal Reserve, which is expected to lower interest rates again, and I think that the market reaction will give a hint of future sentiment.

Tomasz Jerzyk, technical analyst DM BZ WBK SA