News
Investor Activity on GPW in March 2026
March proved to be a record month in the history of the Warsaw Stock Exchange in terms of trading activity. Main Market equity turnover totalled PLN 57.9 billion in March 2026, up 26.0% year on year. Average daily equity turnover increased by 21.8% year on year to PLN 2.63 billion. WIG closed the month at 122,458.57 points, gaining 27.6% year on year.
- PLN 57.8 billion – record Main Market EOB equity turnover value in March 2026 (+27.6% YoY)
- PLN 2.63 billion – average daily EOB equity turnover value in March 2026 (+21.8% YoY)
- PLN 626.2 million – ETF and ETC turnover value in March 2026 (+132.4% YoY)
- 15.8 TWh – total electricity turnover volume in March 2026 (+34.4% YoY)
- 16.4 TWh – total gas turnover volume in March 2026 (+13.0% YoY)
- 122,458.57 points – WIG at the end of March 2026 (+27.6% YoY)
Equity Market
March 2026 saw sustained strong investor activity on the equity market. Total GPW Main Market equity turnover reached a record PLN 57.9 billion, up 26.0% year on year. EOB equity turnover increased by 27.6% year on year to a record PLN 57.8 billion. Average daily EOB equity turnover amounted to PLN 2.63 billion, up 21.8% year on year.
NewConnect total equity turnover increased by 96.7% year on year and reached PLN 302.5 million in March 2026. NewConnect EOB equity turnover value rose by 89.9% year on year to PLN 277.2 million.
GlobalConnect equity turnover stood at PLN 17.0 million in March 2026 compared with PLN 13.7 million in the corresponding period of the previous year, representing a year‑on‑year increase of 23.8%.
Structured Product and ETF Market
Investor interest remained strong in the structured product and ETP market. Structured product turnover increased by 43.3% year on year to PLN 514.7 million, while total ETF and ETC turnover value rose by 132.4% year on year to PLN 626.2 million. In the first quarter of 2026, total ETF and ETC turnover on GPW reached PLN 1.95 billion, up 194.3% compared with the same period last year.
Derivatives Market
Total derivatives turnover volume amounted to 2.4 million instruments in March 2026, up 19.4% year on year. Index futures turnover increased by 23.8% year on year to 1,076.0 thousand futures. Currency futures turnover rose by 8.1% year on year to 951.4 thousand futures, while single‑stock futures turnover increased by 49.7% year on year to 313.0 thousand futures.
Debt Market
The value of non‑Treasury bond issues listed on Catalyst reached PLN 163.6 billion at the end of March 2026, compared with PLN 133.4 billion a year earlier. Catalyst EOB bond turnover increased by 48.7% year on year to PLN 832.8 million.
Total Treasury BondSpot Poland bond turnover value stood at PLN 262.6 billion, up 136.5% year on year.
New Listings
March brought debuts across all markets operated by the Warsaw Stock Exchange. In total, sixteen issues were carried out, including two on the GPW Main Market, one on NewConnect, six on the Catalyst market, and seven instrument issues on the GlobalConnect market.
In March 2026, the GPW Main Market welcomed two significant debuts. Scanway transferred its listing from NewConnect, becoming the 400th issuer on the Main Market and confirming the maturity of Polish space technologies. The PZU Group introduced its first proprietary ETF to the GPW Main Market – PZU ETF WIG20 TR + mWIG40 TR – offering exposure to large‑ and mid‑cap Polish companies in a single instrument and supporting the continued development of the passive investment market in Poland.
On the NewConnect market, Farm Innovations made its debut in March as the first NewConnect debut of 2026. The Polish technology company raised PLN 4.69 million through a public offering, with an initial market capitalisation of PLN 39.7 million. The company develops technologies supporting animal breeders, including identification and monitoring systems.
In March, the Catalyst market was one of the most active segments of GPW. Six bond issues were introduced to trading, representing a diverse group of issuers. Debuts included green bonds issued by Mosty Magazyny Energii worth PLN 100 million, corporate bonds of Grupa Corpus Iuris worth PLN 68 million, and bonds issued by Bank Spółdzielczy Rzemiosła w Krakowie worth PLN 50 million. The market was further strengthened by two municipal bond issues – Gmina Miękinia (PLN 16 million) and Gmina Środa Śląska (PLN 34 million). The largest March issue was the corporate bond issue of PEU (FIN) PLC, valued at PLN 600 million, introduced to trading on the alternative trading system.
The GlobalConnect offering expanded in March with the first new foreign instruments, increasing Polish investors’ access to global markets in Polish zloty. Three ETFs providing exposure to, among others, the MSCI World index, the Japanese equity market and the silver mining sector were newly listed. In addition, shares of four global companies listed on the NYSE and Nasdaq – Eli Lilly, Micron Technology, Exxon Mobil and Oracle – were introduced to trading. The expansion strengthened GlobalConnect’s role as a platform for portfolio diversification and a bridge between the domestic capital market and international markets.
Capitalisation of GPW Listed Companies
The capitalisation of 357 domestic companies listed on the GPW Main Market amounted to PLN 1.1 trillion (EUR 268.7 billion) at the end of February 2026. The total capitalisation of 400 domestic and foreign companies reached PLN 2.5 trillion (EUR 603.3 billion).
Polish Power Exchange
The total volume of electricity transactions on the spot and forward markets amounted to 15.8 TWh in March 2026, up 34.4% year on year. Spot electricity turnover volume increased by 10.2% year on year to 4.8 TWh, while forward market volume rose by 48.7% year on year to 11.0 TWh.
The total volume of gas transactions increased by 13.0% year on year to 16.4 TWh. Spot gas turnover volume rose by 11.9% year on year to 2.7 TWh, while forward gas turnover volume increased by 13.2% year on year to 13.7 TWh.
Spot turnover in property rights in certificates of origin other than energy efficiency certificates (“white certificates”) amounted to 1.3 TWh, down 27.5% year on year. Turnover in property rights in energy efficiency certificates (“white certificates”) increased by 13.9% year on year to 13.4 ktoe.
Turnover in Guarantees of Origin for electricity generated from renewable energy sources stood at 5.7 TWh in March 2026, down 0.8% year on year.