Polish equity market continued its decline on Thursday. The broad market benchmark - the WIG index declined by 0.70%, while the large liquid companies' indicator - the WIG30 index lost 0.96%.

PGNIG (WSE: PGN) posted the largest decline (8.35%), weighted down by the announcement the company failed to achieve a price cut in six months of negotiations with Russian Gazprom and filed for arbitration with the Stockholm Arbitration Tribunal concerning a long-term supply contract. Aside from that, PKN ORLEN (WSE: PKN), KGHM (WSE: KGH) and LOTOS (WSE: LTS) also saw substantial selling pressure, losing 2.85%, 2.60% and 2.38% respectively. On the contrary, CYFROWY POLSAT (WSE: CPS) gained 3.02% and topped the list of the best performers among the WIG30 index basket's components on the back of strong quarterly results. It was followed by its peer TVN (WSE: TVN), which went up 2.87%. In addition, good first-quarter earnings report uplifted quotations of TAURON PE (WSE: TPE), up 1.04%.

Turning to the performance of the WIG sub-sector indices, the benchmarks for the oil and gas companies (the WIG-PALIWA index) and the basic material producers (the WIG-SUROWC index) were the laggards, declining a respective 4.46% and 1.93%. At the same time, the measures for the media sector names (the WIG-MEDIA index) and the construction sector stocks (the WIG-BUDOW index) were the strongest performers, climbing up 2.55% and 1.72% respectively.