The Warsaw Stock Exchange continues its strong run, with the end of July and the beginning of August bringing record levels for its most important indices. Since the start of 2026, the large-cap and mid-cap indices, as well as the broad WIG index, have gained between 25% and 29%. At the same time, investor activity is increasing, while more companies are showing interest in raising financing through the capital market. In the second quarter alone, the value of equity transactions on the WSE Main Market reached PLN 15.8 billion.
“This year, the Polish stock market has continued its very strong performance, reflecting the strength of both the Polish economy and the exchange itself. This is particularly important given the turmoil affecting global markets. The Polish economy, Polish companies and investors have demonstrated considerable resilience under these conditions,” Michał Kobza, a member of the Management Board of the Warsaw Stock Exchange, told the Newseria news agency. “We expect the positive trend to continue in the second half of the year.”
At the close of the final trading session in July, the broad-market WIG index stood at 147,400.90 points. On 4 August, it closed above 150,000 points for the first time in its history. This means that the index has risen by more than 29% since the beginning of the year.
The WIG20 ended July at 3,920.26 points, setting a new closing record after nearly 19 years. The previous record of 3,917.87 points dated back to 29 October 2007. Following the close of trading on 4 August, the index had climbed to 3,996.45 points, putting it very close to the 4,000-point threshold. Its gain since the beginning of the year exceeded 25%.
The mWIG40 index of medium-sized companies closed Tuesday’s session at 10,543.78 points, having gained almost 29% in 2026. Only the small-cap sWIG80 recorded a considerably weaker increase, of approximately 6%.
“The end of July brought a rebound in the indices. Both the WIG20 and the indices of small and medium-sized companies are now close to record levels. These are levels that have not been seen on the Warsaw Stock Exchange for more than a decade,” Kobza says.
In the final week of July alone, the WIG rose by 2.66%, the WIG20 by 2.46% and the mWIG40 by 3.84%. The sWIG80 gained 0.31%. The figures show that the market’s performance at the end of the month was driven primarily by the largest and medium-sized companies.
Trading activity reaches one of its highest levels on record
The increase in stock market indices was accompanied by strong investor activity. The total value of share trading on the Main Market reached PLN 58.1 billion in July, 41.8% more than a year earlier.
Order-book trading alone amounted to PLN 57.6 billion, representing an increase of 43.8% year on year. This was the second-highest monthly result in the market’s history. The average daily trading value reached PLN 2.51 billion.
Activity also increased in the fund and index-linked products segment. Trading in exchange-traded funds, commodities and notes — ETFs, ETCs and ETNs — reached PLN 529.3 million in July, an increase of 165.5% compared with July of the previous year.
According to the WSE Management Board member, the condition of the domestic economy remains the primary source of strength for the Warsaw market.
“The most important factor is the very strong condition of the Polish economy, which is reflected in the results of companies included in the main stock market indices,” Kobza says.
According to Statistics Poland, Poland’s GDP in the first quarter of 2026 was 3.5% higher in real terms than a year earlier. Domestic demand increased by 3.7%, household consumption by 3.3% and gross fixed capital formation by 2.4%. Exports rose by 5.6% year on year.
The sectors recording the highest growth in gross value added included trade, information and communications, and industry.
Companies raise billions through share offerings
Strong market conditions and high company valuations are also encouraging businesses to conduct share issues. In the second quarter of 2026, the total value of equity transactions on the WSE Main Market amounted to PLN 15.8 billion. This was almost nine times higher than in the first quarter.
The period saw eight accelerated book-building transactions, known as ABBs, and 10 secondary public offerings, or SPOs. Six companies also made their stock market debuts.
“This year and the end of the previous one brought record interest in raising capital. We have seen several successful IPOs, a large number of SPOs and numerous transactions conducted through accelerated book-building processes,” the WSE Management Board member says. “There are already tens of billions of zlotys in fresh capital on the market, and we expect more in the second half of the year.”
Eight companies made their debut on the Main Market in the first half of 2026, more than during the whole of 2025. Another three companies joined the exchange in July.
At the end of July, 403 Polish and foreign companies were listed on the Warsaw Stock Exchange, with a combined market capitalisation of PLN 2.92 trillion.
Bond market activity also increases
Companies were also taking advantage of the bond market. In the second quarter, 19 series of corporate bonds with a total value of PLN 8.9 billion were introduced to the Catalyst market.
In the first quarter, 28 bond series worth PLN 6.1 billion were admitted to trading. The total value of bonds introduced during the first half of the year therefore reached approximately PLN 15 billion.
When equity transactions and debt issues are combined, capital-market activity exceeded PLN 30 billion.
It should be noted, however, that not all of the value of ABB transactions and other secondary-market operations represents new capital flowing directly to issuers. Some transactions involve existing shareholders selling shares they already own.
“We rank among the leading stock exchanges in Europe and globally. We are pleased that both last year and this year we have occupied high positions in terms of returns generated for investors,” Kobza says.
For comparison, Germany’s DAX gained 4.65% between the beginning of the year and the end of July, while the broad European STOXX Europe 600 rose by approximately 9.6%.
In the United States, the S&P 500 gained 9.4% over the same period, while the Nasdaq Composite increased by 9.2%.
The results are not fully comparable because of differences in index composition, the treatment of dividends and the impact of currency exchange rates. Nevertheless, the scale of the increases recorded by the WIG20 and mWIG40 confirms the relative strength of the Warsaw market.
