Stocks report: Mixed messages

Small and medium-sized companies maintained their positive trends, while the big-cap WIG20 lost nearly 2.5 percent. Investors can put some of the blame on  WSE standards, because the WIG20 is not adjusted after dividend dates are set.

Wednesday was a record day for KGHM shares, but one must take into account the fact that the dividend was quite large (zł.16.97/share), courtesy of State Treasury representatives who had "improved" the management board's initial proposal of zł.7/share. KGHM has one of the heaviest weights in the WIG20 portfolio, and the dividend erased nearly one percent of the index's value.

At the beginning of the week, both the main WIG index and the WIG20 managed to set respective all-time highs, which of course confirms the positive trend on the market. However sellers were quite active on higher price levels, which caused some nervous swings on the market.

Still, there were some excellent investment picks among smaller companies, and the top performer there was Sanwil, which soared by nearly 41 percent.

Investors seem nervous, but I'm sure that there will be several investment opportunities. Still, it's difficult to pick real winner.

Tomasz Jerzyk, technical analyst DM BZ WBK SA