News
Investor Activity on GPW in November 2025
GPW Main Market equity turnover totalled PLN 35.5 billion in November 2025, up 28.0% year on year. Average daily GPW equity turnover increased to PLN 1.72 billion, up 19.9% year on year. The WIG index closed November at 111,866.66 points and gained 40.6% year to date.
- PLN 35.5 billion – Main Market EOB equity turnover value in November 2025 (+28.0% YoY)
- PLN 1.72 billion – average daily EOB equity turnover value in November 2025 (+19.9% YoY)
- PLN 348.6 million – ETF and ETC turnover value in November 2025 (+150.8% YoY)
- 9.9 TWh – total electricity turnover volume in November 2025 (-7.5% YoY)
- 17.7 TWh – total gas turnover volume in November 2025 (+25.2% YoY)
Equity Market
November brought continued growth of equity turnover on the Warsaw Stock Exchange. Total GPW Main Market equity turnover was PLN 35.5 billion, up 28.0% year on year. EOB equity turnover increased by 19.9% year on year to PLN 32.7 billion in November 2025. Average daily EOB equity turnover was PLN 1.72 billion, up 19.9% year on year. The WIG index closed November at 111,866.66 points and gained 40.6% year to date.
NewConnect total equity turnover reached PLN 149.6 million in November 2025, up 55.9% year on year. NewConnect EOB equity turnover value increased by 32.6% year on year to PLN 122.1 million.
GlobalConnect equity turnover stood at PLN 29.9 million in November 2025 vs. PLN 8.4 million in November 2024.
Structured Product and ETF Market
The ETF and ETC market continued to grow dynamically in November. Total ETF and ETC turnover value reached PLN 348.6 million, up 150.8% year on year. Structured product turnover value was down 2.2% year on year at PLN 261.4 million in November 2025.
Derivatives Market
Total derivatives turnover volume was 0.8 million instruments in November 2025, down 15.2% year on year. Index futures turnover dropped 14.5% year on year to 458,800 futures. Currency futures turnover dropped by 26.7% year on year to 167,900 futures. Single-stock futures turnover increased by 8.9% year on year to 118,600 futures.
Debt Market
The value of non-Treasury bond issues listed on Catalyst was PLN 152.5 billion at the end of November 2025 vs. PLN 128.8 billion at the end of November 2024. Catalyst EOB bond turnover value increased by 33.4% year on year to PLN 515.0 million.
Total Treasury BondSpot Poland bond turnover value was PLN 118.9 billion in November 2025, up 22.7% compared to PLN 96.9 billion reported in November 2024.
Capitalisation of GPW Listed Companies
The capitalisation of 358 domestic companies listed on the GPW Main Market amounted to PLN 992.3 billion (EUR 234.2 billion) at the end of November 2025. The total capitalisation of 401 domestic and foreign companies reached PLN 2,284.9 billion (EUR 539.3 billion).
New Listings
November saw one of the strongest IPOs this year on NewConnect. CStore was newly listed on 5 November, and its share price rose by over 60% at the opening. An IT company specialising in the development of B2B software for the automation of wholesale orders, CStore was the seventh new listing on NewConnect in 2025. The IPO crowned its years-long process of raising capital including crowdfunding. CStore will use the funds raised for the development of the platform, marketing activities, and sales expansion.
Another highlight of November was the new listing of Dadelo bonds on Catalyst with a total nominal value of PLN 50 million. The company will use the funds raised to implement its development strategy which includes expanding its network of brick-and-mortar stores and strengthening its omnichannel model. The strong interest in the issue, reflected in 170% oversubscription, is proof that the industry attracts investors and that the role of Catalyst is growing as a source of financing for innovative companies in the retail and e-commerce sectors.
Towarowa Giełda Energii
The total volume of transactions in gas on TGE increased to 17.7 TWh, up 25.2% year on year. The volume of spot transactions in gas dropped to 3.2 TWh, down 14.9% year on year. The volume of forward transactions increased to 14.5 TWh, up 39.5% year on year.
The total volume of transactions in electricity stood at 9.9 TWh in November, down 7.5% year on year. The volume of spot transactions in electricity was down 12.3% year on year to 3.5 TWh and the volume of forward transactions was down 4.6% year on year to 6.4 TWh.
Spot turnover in property rights in certificates of origin other than property rights in energy efficiency certificates (“white certificates”) reached 1.1 TWh in November 2025, up 45.8% year on year. Turnover in property rights in energy efficiency certificates (“white certificates”) increased by 112.5% year on year to 11.5 ktoe in November 2025.
Turnover in Guarantees of Origin for electricity generated from renewable energy sources stood at 2.8 TWh in November 2025, down 35.9% year on year.