Stocks report: WIG20 back on the up

On Friday it closed the day with a 1.4-percent increase and very high turnover, exceeding zł.1 billion. The turnover was equally high the day before, which was partly due to a drastic fall in Agora's share price (a five-percent drop). The company released poor Q2 2006 financial results earlier this week fueling speculation that Poland's biggest press concern may soon have to leave the WIG20 index.

Excellent quarterly results and a positive annual prognosis for copper giant KGHM helped the company gain 1.75 points. Also, hefty profits from Pekao, BPH and PKO PB elicited investors' optimism.

Machinery producer Famur had a very successful debut on WSE - its shares gained almost three percent.

Polnord's shares went up as much as 18 percent after the market found out that Ryszard Krauze's Prokom Investment (PI) is planning to increase its stake in Polnord, which means the company will most probably become the subcontractor in all of PI's ongoing residential constructions (e.g. Warsaw's Miasteczko Wilanów).

Next week, Q2 results will be announced by oil concerns Lotos and PKN Orlen. If they come up with good news for shareholders, then we can expect further increases of the main WSE indices.