News
Investor Activity on GPW in September 2025
GPW Main Market equity turnover totalled PLN 38.4 billion in September 2025, up 14.0% year on year. Average daily GPW equity turnover increased to PLN 1.71 billion, up 18.5% year on year. The broad market index WIG gained close to 33.7% year to date.
- PLN 37.7 billion – Main Market EOB equity turnover value in September 2025 (+24.2% YoY)
- PLN 1.71 billion – average daily EOB equity turnover value in September 2025 (+18.5% YoY)
- PLN 249.2 million – structured product turnover value in September 2025 (+3.2% YoY)
- PLN 266.0 million – total ETF and ETC turnover value in September 2025 (+132.9% YoY)
- 12.5 TWh – total gas turnover volume in September 2025 (-16.3% YoY)
- 10.5 TWh – total electricity turnover volume in September 2025 (-22.5% YoY)
Equity Market
September 2025 saw increased equity trading on the Warsaw Stock Exchange. Total GPW Main Market equity turnover was PLN 38.4 billion, up 14.0% year on year. EOB equity turnover increased by 24.2% year on year to PLN 37.7 billion in September 2025. Average daily EOB equity turnover was PLN 1.71 billion, up 18.5% year on year. The WIG index closed September at 106,363.86 points and gained 33.7% year to date.
NewConnect total equity turnover reached PLN 276.5 million in September 2025, up 202.8% year on year. NewConnect EOB equity turnover value increased by 198.5% year on year to PLN 269.9 million.
GlobalConnect equity turnover stood at PLN 27.6 million in September 2025 vs. PLN 1.3 million in September 2024.
Derivatives Market
Total derivatives turnover volume was 1.7 million instruments in September 2025, down 1.1% year on year. Index futures turnover dropped 20.5% year on year to 659,600 futures. Currency futures turnover increased by 25.4% year on year to 851,900 futures. Single-stock futures turnover increased to 148,400 futures, down 7.8% year on year.
Structured Product and ETF Market
Structured product turnover value was PLN 249.2 million in September 2025, up 3.2% year on year. Total ETF and ETC turnover value was PLN 266.0 million in September 2025, up 132.9% year on year.
Debt Market
The value of non-Treasury bond issues listed on Catalyst was PLN 145.3 billion at the end of September 2025 vs. PLN 119.1 billion at the end of September 2024. Catalyst EOB bond turnover value increased by 1.8% year on year to PLN 441.4 million.
Total Treasury BondSpot Poland (TBSP) bond turnover value was PLN 133.9 billion in September 2025, up 77.4% compared to PLN 75.5 billion reported in September 2024.
Capitalisation of GPW Listed Companies
The capitalisation of 359 domestic companies listed on the GPW Main Market amounted to PLN 936.9 billion (EUR 219.5 billion) at the end of September 2025. The total capitalisation of 402 domestic and foreign companies reached PLN 2,229.7 billion (EUR 522.3 billion).
New Listings
The Bitcoin BETA ETF, a closed-end portfolio investment fund managed by AgioFunds Towarzystwo Funduszy Inwestycyjnych, was newly listed on the Warsaw Stock Exchange in September. The Bitcoin BETA ETF is the first fund listed on GPW to give investors exposure to cryptocurrencies. With its listing, GPW follows the global trend of introducing investment products based on digital assets, which are present on many capital markets around the world.
Allegro Group bonds worth PLN 1 billion were newly listed on Catalyst in September. The Allegro Group is a leading e-commerce player in Poland and the region. The issue price was PLN 1,000 with a margin of 130 basis points above WIBOR 6M.
Municipal bonds issued by the City of Skierniewice, a local government in the Łódź Region, were newly listed on Catalyst. Skierniewice, a city with county rights, introduced eight series of bonds with a total nominal value of PLN 110 million. The 19th new listing of local government bonds on Catalyst this year was that of the City of Świętochłowice. Located in the centre of the Upper Silesian Industrial Region, Świętochłowice issued 15,000 bearer bonds with a total nominal value of PLN 15 million. Catalyst now lists 158 issuers.
Towarowa Giełda Energii
The volume of forward transactions in natural gas on TGE decreased to 12.5 TWh in September 2025, down 16.8% year on year. The volume of spot transactions was 1.6 TWh, down 12.8% year on year.
The total volume of transactions in electricity stood at 10.5 TWh in September, down 22.5% year on year. The volume of spot transactions was 3.8 TWh (down 8.8%) and the volume of forward transactions was 6.7 TWh (down 28.6%).
Turnover in property rights in certificates of origin (other than “white certificates”) reached 1.9 TWh in September 2025, up 27.8% year on year. Turnover in Guarantees of Origin for electricity generated from renewable energy sources stood at 5.4 TWh in September 2025, up 29.6% year on year.