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The WALEX, Valruzian stock market index, and its companies

The WALEX (Valruzian Index) is the benchmark stock market index of the Giełda Nowogrodzka, Valruzia's principal stock exchange. Initiated in 5632, the index is administered and calculated by Giełda Papierów Wartościowych (GPW), the index calculation arm of Walruzjiski giełdy i rynki (WGR), the company which runs Valruzia's securities markets (including the Giełda Nowogrodzka). It is a market capitalization-weighted index comprising the 20 most liquid Valruzian stocks traded in the Nowogard Stock Exchange General Index and is reviewed twice annually.

This is an overview of the 20 companies that make up the WALEX:

1. VALASTRA

Type: Public
Sector: Aerospace Industry
Overview:
VALASTRA is Valruzia's flagship public aerospace and advanced engineering conglomerate. Originating as part of Szymon Nowik's Valruzia 5700 program as a state aeronautics bureau, it has grown into a fully integrated group active in military and civilian aircraft manufacturing, satellite and space systems, avionics and high-precision industrial components. The company is entirely state-owned and plays a strategic role in national industry, technological sovereignty and defense-related research, while also maintaining export-oriented civilian divisions.

2. NOVA Pharma

Type: Public
Sector: Pharmaceuticals
Overview:
NOVA Pharma is Valruzia's largest pharmaceutical company and a cornerstone of the national healthcare system. Created in 5644 by Chancellor Szymon Nowik and fully publicly owned, it produces essential medicines, vaccines, and medical supplies for domestic use while also exporting to foreign markets. The company maintains extensive research and development facilities and is a key instrument of Valruzia's health security, industrial policy and pharmaceutical self-sufficiency.

3. ValTel

Type: Mixed ownership
Sector: Telecommunications
Overview:
ValTel is Valruzia's leading telecommunications operator, providing fixed-line, mobile, broadband and data services nationwide. The company has been instrumental in rolling out fiber-optic infrastructure and 5G networks, making it a backbone of the country's digital economy. While managed on a commercial basis, ValTel operates under partial state ownership and strict regulatory oversight due to its strategic importance, and is Valruzia's top non-public company.

4. TechNova

Type: Private
Sector: Information Technology
Overview:
TechNova is Valruzia's largest technology and software firm, specializing in enterprise software, industrial automation, artificial intelligence and cybersecurity solutions. Its clients include public institutions, large industrial firms and financial entities, both national and foreign. It is Valruzia's largest private company.

5. AgroVal Foods

Type: Mixed ownership
Sector: Supplies / Agribusiness
Overview:
AgroVal Foods is a vertically integrated agribusiness group operating across food production, processing and distribution, born as part of the Agro-So Initiative developed by Chancellor Szymon Nowik. With strong roots in Valruzia’s rural regions, the company brings together agricultural producers to domestic urban markets and export channels, and is one of the main components of the From Village to Table (FVT) program. The State's partial ownership is a reflection of its importance for food security, rural employment and price stability as intended by the program.

6. Valruzia Banking Corporation (WBK)

Type: Mixed ownership
Sector: Financial Services
Overview:
WBK is Valruzia's largest universal bank, offering retail, corporate and investment banking services. The state holds a significant minority stake, thus ensuring financial stability and alignment with national economic priorities. WBK is considered systemically important and central to credit provision across the national economy.

7. Valruzia Railways

Type: Public
Sector: Transport, Infrastructure
Overview:
Valruzia Railways operates the country's passenger and freight rail networks, as well as the main national train and bus hubs. Beyond transportation, it plays a crucial role in regional development and industrial logistics. The company has undergone gradual modernization, including electrification and high-capacity freight corridors.

8. ArgoGroup

Type: Private
Sector: Construction
Overview:
ArgoGroup is a major construction and engineering firm involved in public infrastructure, housing projects and industrial facilities. It frequently works on state-backed projects, including transport hubs, energy facilities and urban redevelopment schemes both in rural and urban areas.

9. Działanie

Type: Public
Sector: Energy
Overview:
Działanie is the country's largest state-owned energy producer focused on electricity generation and distribution. Its portfolio includes thermal power plants, hydroelectric facilities and a growing share of renewables. The company is central to Valruzia's energy security strategy.

10. Vastal Industries

Type: Private
Sector: Manufacturing and Construction
Overview:
Vastal Industries produces industrial materials, prefabricated components and heavy equipment used in construction and infrastructure projects. It serves both domestic demand and export markets, particularly in neighboring regions.

11. Krase

Type: Mixed ownership
Sector: Energy
Overview:
Krase is an energy company focused primarily on gas and energy processing, storage and regional distribution. The company operates on a commercial basis within regulated markets.

12. NordVal Bank

Type: Private
Sector: Financial Services
Overview:
NordVal Bank is a regionally strong financial institution with deep roots in northern and rural areas, especially Kampania. 

13. BEZ

Type: Private
Sector: Insurance
Overview:
BEZ is Valruzia's leading private insurance provider, offering life, health, property and industrial insurance products. The company plays an important role in risk management for both households and businesses.

14. SETEKS Group

Type: Private
Sector: Textile, Manufacturing
Overview:
SETEKS Group is one of Valruzia's largest textile and light manufacturing companies. Its activities range from industrial fabrics to consumer goods, with production facilities concentrated in traditional manufacturing regions and foreign countries. It manages shops in over 50 countries around Terra.

15. WALIA

Type: Mixed ownership
Sector: Oil and Gas
Overview:
WALIA is Valruzia's national oil and gas company, responsible for exploration, extraction, refining and distribution activities. State participation ensures control over strategic resources while private capital supports operational efficiency and investment.

16. Pronexx

Type: Private
Sector: Steel and Construction
Overview:
Pronexx is a steel producer supplying construction, infrastructure and heavy industry. The company benefits from long-term contracts linked to public investment and industrial development in the whole country and abroad, being mainly present across Seleya.

17. Tevion Laboratories

Type: Private
Sector: Pharmaceuticals
Overview:
Tevion Laboratories is one of Valruzia's major pharmaceutical manufacturers, specializing in high-volume generic medicines alongside selected specialized treatments. The company plays a significant role in supplying the domestic healthcare market and operates advanced production and quality-control facilities. While NOVA Pharma dominates the public segment, Tevion represents the leading private pharmaceutical industry and maintains a growing presence in export markets, ranking consistently among Terra's top 50 pharmaceutical companies.

18. Czysfar

Type: Private
Sector: Food
Overview:
Czysfar is a food processing company best known for packaged and preserved food products aimed at the domestic market. Its brand recognition is particularly strong in major cities.

19. Valair

Type: Public
Sector: Aviation
Overview:
Valair is Valruzia's national airline, operating domestic and international routes. While profitability fluctuates, the company is considered strategically important for national connectivity, mobility and international presence.

20. Walfis Holdings

Type: Private
Sector: Construction and Financial Services
Overview:
Walfis Holdings is a diversified group that combines real estate development, infrastructure finance and project management, and its mixed portfolio makes it one of the more flexible and opportunistic firms within the WALEX.