News
Investor Activity on GPW in May 2026
May 2026 on the Warsaw Stock Exchange (GPW) was marked by strong investor activity, with varied dynamics across individual market segments. The total value of share trading on the WSE Main Market amounted to PLN 46.1 billion. The average daily trading value in the order book reached PLN 2.28 billion. At the end of the month, the WIG index stood at 137,007.44 points, representing a 35.0% increase year-on-year.
- PLN 45.6 billion – Main Market order book equity turnover value in May 2026 (+1.0% YoY)
- PLN 2.28 billion – average daily order book equity turnover value in May 2026 (+6.0% YoY)
- PLN 417.1 million – ETF, ETN and ETC turnover value in May 2026 (+75.9% YoY)
- 9.3 TWh – total electricity trading volume in May 2026 (–1.0% YoY)
- 8.5 TWh – total natural gas trading volume in May 2026 (–53.2% YoY)
Equity Market
In May 2026, investor activity in the equity market remained stable at a high level. The total value of share trading on the WSE Main Market amounted to PLN 46.1 billion, representing a decrease of 4.4% YoY. At the same time, the value of trading in the order book increased by 1.0% YoY to PLN 45.6 billion. The average daily trading value reached PLN 2.28 billion, up 6.0% compared to the previous year.
On the NewConnect market, investor activity declined. The total value of share trading fell by 67.5% YoY to PLN 131.1 million, while order book turnover decreased by 67.9% YoY to PLN 129.7 million.
On the GlobalConnect market, the value of share trading in May amounted to PLN 24.0 million, compared to PLN 13.2 million in the same period last year, reflecting an increase in investor activity of 81.4% YoY.
Structured Product and ETF Market
In May 2026, a clear rebound was observed in the structured products and ETF market. The total turnover of ETFs, ETNs and ETCs increased by 75.9% YoY to PLN 417.1 million. At the same time, turnover in structured products rose by 14.3% YoY to PLN 230.8 million.
Derivatives Market
The total volume of derivatives trading in May amounted to 0.8 million contracts, representing an increase of 2.1% YoY. Trends across individual segments varied. The volume of index futures trading decreased by 5.0% YoY to 455.9 thousand contracts, while currency futures trading declined by 13.4% YoY to 134.1 thousand contracts. In contrast, the volume of single-stock futures trading increased by 51.4% YoY to 183.2 thousand contracts.
Debt Market
The value of non-Treasury bond issues listed on the Catalyst market reached PLN 162.4 billion at the end of May, compared to PLN 135.8 billion a year earlier. The value of bond trading in the order book increased by 24.2% YoY to PLN 748.0 million.
On the Treasury BondSpot Poland market, total bond turnover amounted to PLN 232.1 billion, compared to PLN 109.3 billion a year earlier, representing an increase of 112.2% YoY.
New Listings
In May, shares of Rex Concepts and the ETF PZU Gold debuted on the WSE Main Market. Rex Concepts, an operator of Burger King and Popeyes in the CEE region, conducted one of the largest offerings in recent months, valued at PLN 497.8 million, of which PLN 448 million came from newly issued shares. The company intends to use the proceeds to further expand and develop its restaurant network. This marked the sixth IPO on the WSE Main Market in 2026 and brought the number of listed companies to 401.
The WSE’s ETF offering was expanded in May by the addition of the PZU Gold Portfelowy FIZ ETF. This is the third product of this type within the PZU Group’s offering. It provides exposure to gold by tracking the Bloomberg Gold Total Return Subindex using futures contracts and money market instruments. A key feature of the fund is its PLN currency hedging, which limits the impact of FX fluctuations on returns.
On the NewConnect market, the only debut in May was RockGame, a company operating in the global video game market. This was the fourth IPO on this market in 2026. The number of listed companies increased to 355, of which 74 represent the gaming sector. RockGame’s listing confirms the sustained interest of technology companies in raising capital via NewConnect, as well as the strong position of the gaming industry as one of its key segments.
Capitalisation of GPW Listed Companies
The market capitalisation of 383 domestic companies listed on the WSE Main Market reached PLN 1.3 trillion at the end of May 2026. The total market capitalisation of all 401 listed companies – both domestic and foreign – amounted to PLN 2.62 trillion.
Polish Power Exchange
In May 2026, total electricity trading volume on the spot and forward markets of the Polish Power Exchange amounted to 9.3 TWh, representing a decrease of 1.0% YoY. Electricity trading volume on the spot market increased by 14.1% YoY to 4.7 TWh, while on the forward market it decreased by 12.6% YoY to 4.7 TWh.
Total natural gas trading volume declined by 53.2% YoY to 8.5 TWh. On the spot market, gas trading volume decreased by 14.9% YoY to 2.6 TWh, while on the forward market it fell by 60.8% YoY to 5.9 TWh.
The trading volume of property rights arising from certificates of origin (excluding “white certificates”) on the spot market amounted to 1.0 TWh, representing a decrease of 44.7% YoY. At the same time, trading volume in “white certificates” increased by 64.4% YoY to 17.0 ktoe.
Trading in Guarantees of Origin for electricity generated from renewable energy sources increased by 91.8% YoY, reaching a volume of 4.7 TWh.