Polish equity market closed flat on Wednesday. The broad market measure, the WIG Index, edged up 0.08%. Sector performance in the WIG Index was mixed. Telecommunication sector (+1.71%) was best performer, while food sector (-1.71%) recorded the worst result.

The large-cap stocks fell by 0.14%, as measured by the WIG30 Index. Within the index components, Ukrainian agricultural producer KERNEL (WSE: KER) led the decliners, tumbling by 3.26% on the back of weak Q1 FY2016 financials. The company reported quarterly revenue of $377.7 mln (-35% y/y), EBITDA of $55.1 mln (-32% y/y) and net profit of $23.9 mln (+2% y/y). The other biggest losers were utilities name TAURON PE (WSE: TPE) and oil and gas sector stock PGNIG (WSE: PGN), plunging by 3.24% and 2.91% respectively. On the other side of the ledger, telecoms name ORANGE POLSKE (WSE: OPL) led the gainers with a 1.9% advance, followed by banking sector stocks PEKAO (WSE: PEO), MBANK (WSE: MBK) and PKO BP (WSE: PKO), adding 1.82, 1.4% and 1.01% respectively.