Q1 2025 broke new records of GPW Main Market EOB equity turnover, which totalled PLN 111.2 billion, up 34.6% year on year. March turnover was PLN 45.9 billion in March 2025, up 38.0% year on year. The broad market index WIG gained 20.6% in Q1 and closed the day at an all-time high of 99,487 points on 25 March.
- PLN 111.2 billion – Main Market EOB equity turnover value in Q1 2025 (+34.6% YoY)
- PLN 45.3 billion – Main Market EOB equity turnover value in March 2025 (+40.6% YoY)
- PLN 2.16 billion – average daily Main Market EOB equity turnover value in March 2025 (+33.9% YoY)
- PLN 359.1 million – structured product turnover value in March 2025 (+122.1% YoY)
- PLN 269.4 million – total ETF and ETC turnover value in March 2025 (+115.0% YoY)
Equity Market
GPW investors were increasingly active in the early months of 2025. Q1 2025 GPW Main Market EOB equity turnover was record-high at PLN 111.2 billion, up 34.6% year on year. Average daily turnover was PLN 1.79 billion, up 36.7% year on year.
March made a major contribution to this performance and broke new records as GPW Main Market total equity turnover value reached PLN 45.9 billion, up 38.0% year on year. EOB equity turnover increased by 40.6% year on year to PLN 45.3 billion. Average daily turnover stood at PLN 2.16 billion, up 33.9% year on year.
The WIG index closed March 2025 at 95,953.33 points, gaining 20.6% year to date. WIG reported its all-time intraday high of 99,657 points also in March. WIG closed the day at an all-time high of 99,487 points on 25 March 2025. The GPW Main Market domestic stock index WIG-Poland reached its all-time high of 104,064 points on the same day.
Alternative market investor activity declined year on year in March and in Q1 2025. NewConnect total equity turnover value was PLN 153.8 million in March, down 1.5% year on year. NewConnect EOB equity turnover value dropped by 5.5% year on year to PLN 146.0 million. NewConnect EOB equity turnover was PLN 394.9 million in Q1 2025, down 35.7% year on year.
GlobalConnect equity turnover value was record-high at PLN 13.7 million in March vs. less than PLN 1.0 million in March 2024. Total turnover reached PLN 29.4 million in Q1 2025, up 653% year on year.
Derivatives Market
Total derivatives turnover volume was 2.0 million instruments in March 2025, up 27.6% year on year. Index futures turnover decreased by 15.7% year on year to 868,900 futures. Currency futures turnover increased by 147.6% year on year to 879,700 futures. Single-stock futures turnover increased by 41.3% year on year to 290,100 futures.
Structured Product and ETF Market
March saw a strong recovery in the passive and structured products market. The factors driving this trend included the Warsaw Stock Exchange’s announcement in December 2024 of a Fee Reduction Programme for Exchange Members on trade in ETFs, ETCs and ETNs. As a result, the ETF and ETC market is growing rapidly: the total turnover value of these instruments reached PLN 269.4 million in March, an increase of 115.0% year on year. Importantly, it was another month in a row when turnover on this market reached a record high, confirming the growing interest of investors in passive products.
Total ETF and ETC turnover value reached PLN 661.5 million in Q1 2025, up 77.1% year on year. Structured product turnover value in March was PLN 359.1 million, up 122.1 year on year.
Debt Market
The uptrend in the non-Treasury debt market continued in March, measured both by value of instruments issued and investor activity in the secondary market. The value of non-Treasury bond issues listed on Catalyst reached PLN 133.4 billion at the end of March 2025 vs. PLN 117.2 billion at the end of March 2024. EOB turnover increased by 81.5% year on year to PLN 560.0 million.
Treasury BondSpot Poland also picked up sharply. Total bond turnover value was PLN 109.1 billion in March 2025, up by a high 289.4% year on year. Total cash and conditional trade on Treasury BondSpot Poland stood at PLN 336.9 million in Q1 2025, up 190.0% year on year.
New Listings
Seven new issuers were newly listed on Catalyst in March 2025, the highest monthly number year to date. These included both corporate bond issuers and local governments which are increasingly keen to use the capital market to raise long-term capital for growth.
The new issuers included the City of Katowice with a bond issue worth PLN 380 million, the City of Kobyłka (PLN 48 million), the Municipality of Kolbudy (PLN 13.5 million), and the Municipality and City of Sopot, the first local government in 2025 to introduce bonds worth PLN 50 million on Catalyst.
Private companies newly listed on Catalyst include DL Invest Group S.A. with a bond issue in two currencies, PLN and EUR, worth PLN 44.5 million and EUR 8.1 million. The increasing activity of issuers confirms that Catalyst is consolidating its position as a transparent and efficient tool for financing investments, both public and private.
Capitalisation of GPW Listed Companies
The capitalisation of the 365 domestic companies listed on the GPW Main Market amounted to PLN 890.7 billion (EUR 212.9 billion) in March 2025. The total capitalisation of the 408 domestic and foreign companies reached PLN 1,865.2 billion (EUR 445.8 billion).
