Polish banks and commodities stocks rallied, sending the benchmark index (WIG20) up the most in two months, after a report showed the country’s gross domestic product grew faster than economists forecast and central banks acted together to make additional funds available to lenders.
The benchmark WIG20 Index jumped 4.2 percent to 2,274.99 at 4:51 p.m. in Warsaw, the biggest intraday gain since Sept. 27. The gauge fell 1.6 percent in November.
“There was lots of good news that pushed the market higher, including the GDP data from Poland and the joint action by central banks,” Wojciech Jozwik, a trader at Espirito Santo Investment SA said by phone.
Poland’s economy grew 4.2 percent in the third quarter from a year earlier, exceeding the 4 percent median estimate of 30 economists surveyed by Bloomberg as investment and consumer demand accelerated while a weaker zloty helped boost exports, the Warsaw-based Central Statistics Office said. The data show the economy isn’t really slowing, central bank Governor Marek Belka said in an interview with TVN CNBC television today.
PKO Bank Polski SA (PKO) rallied 4.8 percent to 33.12 zloty as Chief Executive Officer Zbigniew Jagiello said Poland’s biggest bank will report record net income this year. Bank Pekao SA (PEO), controlled by UniCredit SpA, climbed 6.2 percent to 145.5 zloty and Bank Handlowy SA, a unit of Citigroup Inc., rose 7.8 percent to 71.2 zloty.
PKN Orlen SA gained 5.3 percent to 40.02 zloty, heading for the highest close in two weeks. Refining margins at Poland’s largest oil company are likely to be better in the fourth quarter compared with that in the third, Chief Financial Officer Slawomir Jedrzejczyk said today.
Grupa Lotos SA (LTS), the second-largest refiner, added 4.6 percent to 25 zloty, the biggest gain in a month. Oil futures climbed as much as 2 percent following the move by the central banks of the U.S., the euro region, Canada, the U.K., Japan and Switzerland to cut the cost of providing dollar funding via swap arrangements.
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