Polish equity market closed higher on Tuesday. The broad market measure, the WIG Index, rose by 1.2%. The WIG sub-sector indices were mainly higher with banking stocks (+3.43%) outperforming.

The large-cap stocks' measure, the WIG30 Index, surged by 1.41%. A majority of the index components returned gains, with the way up led by banking sector names BKO BP (WSE: PKO) and PEKAO (WSE: PEO), which soared by 5.59% and 3.33% respectively. Other major advancers were footwear retailer CCC (WSE: CCC), agricultural producer KERNEL (WSE: KER) and chemical producer SYNTHOS (WSE: SNS), which added between 2.35% and 2.94%. Among few decliners, coal miners JSW (WSE: JSW) and BOGDANKA (WSE: LWB) were the weakest performers, tumbling by 5.77% and 4.64% respectively. They were followed by clothing retailer LPP (WSE: LPP), dropping by 2.76%. The company reported yesterday its consolidated revenues totaled about PLN 737 mln in December 216, up 13% y/y. At the same time, the company announced that the results for December 2016 were influenced by a one-off operation involving the wholesale of old collections on stock both in Poland and at twelve foreign units. The value of these inventories was PLN 120 mln. As a result, its gross margin on the December sales decreased to approx. 36% from 51% before that operation.