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Reuters
3 days ago
- Business
- Reuters
Polish stocks fall as eurosceptic Nawrocki elected president
June 2 (Reuters) - Polish equities slipped on Monday after nationalist opposition candidate Karol Nawrocki won the second round of the country's presidential election. According to the data from the electoral commission, Nawrocki secured the presidency with 50.89% of the vote in the second round held on June 1, defeating Rafal Trzaskowski, the liberal Warsaw mayor and an ally of the government led by Donald Tusk, who garnered 49.11% of the vote. Poland's blue-chip index WIG20 (.WIG20), opens new tab was down 2.14% at 0712 GMT. Analysts have said that Nawrocki's win will likely bring more uncertainty for the markets as he is expected to continue the policies of his predecessor, also an ally of the largest opposition party. "The president is not from the same political camp, meaning he will likely block (government's) initiatives, so this is not a good situation (for the market)," Robert Maj from Ipopema Securities said. While Poland's parliament holds most power, the president can veto legislation. "It is likely that Nawrocki's win represents the biggest challenge to Donald Tusk's Government," Erste Group analyst Jakub Szkopek said in a note ahead of the market open. Szkopek added that banks, especially state-controlled, are seen as a "high-risk" sector given the growing budget deficit. He also said foreign investors might shun the Polish stock market for some time. The benchmark index, which as of Friday's close was up 26.5% YTD, shed 1.2% on the session after the first round of the election, in which Trzaskowski took a narrower than expected lead. It had slipped some 0.9% since the first round.
Reuters
15-04-2025
- Business
- Reuters
Polish PM calls for energy companies to prioritise cheap power
WARSAW, April 15 (Reuters) - Polish energy firms should prioritise providing cheap power rather than maximising profits, Prime Minister Donald Tusk said on Tuesday, amplifying a call for a 'repolonisation' of the economy that sent energy stocks tumbling. Warsaw's WIG Energy Index (.ENER), opens new tab, which contains a number of state-controlled firms, was down around 5.5% at 0843 GMT, even as the broader market rose. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. "(The state company managers') first task, for example in the case of energy, is to provide the Polish state with energy security, Polish families, Polish households and Polish entrepreneurs with the cheapest possible energy needed," Tusk said at a business conference. "Not necessarily to maximise the profits of a state-owned company." Ipopema Securities analyst Robert Maj said that energy stocks had fallen in response to Tusk's comments. "He mentioned that this isn't the time for energy companies to maximize profits," Maj said. "I think that investors are reacting to these words, because it could mean that the tariffs for the sale of electricity may simply fall below the costs of production."
