reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 4 December 2025
The overall trading activity weakened, and a few standalone names defined Wednesday’s session on the Bulgarian market. Doverie (DUH, BGN 9.98, +4.83%) attracted renewed buying interest after the release of positive financial data, while Shelly Group (SLYG, EUR 54.20) came under selling pressure and ended with a 2.52% decline, weighing on the major indexes – SOFIX (1 088.12, -0.13%) and BGBX40 (195.06, -0.20%). Sopharma (SFA, BGN 2.73) continued to contribute meaningfully to turnover, although it...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 22 April - 24 April 2025
The Bulgarian stocks ended the week with no clear direction, while the world equity markets recorded a relief rally, easing some of the growing tension over the past months and moving away from extreme pessimism. The leading local benchmark SOFIX added 0.3% to settle at 888.88, as all other major indexes kept to wider range from -0.2% to 0.8%. The industrial M+S Hydraulic (MSH, BGN 9.6, +4.9%) and the SOFIX member Sirma Group Holding (SGH, BGN 1.09, +3.8%) were on the top of the gainers in our l...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 14 April - 17 April 2025
The Bulgarian stocks marked a mixed week, as during the four trading days, the local benchmark SOFIX added 0.4% to settle at 885.82. The broader BGBX40 (169.95, +0.5%) and BGTR30 (865.83, -1.8%) ended in opposite directions. In this shortened trading week the turnover barely reached 49% of its YTD average, while block deal with one illiquid name pushed the volumes (+186.9% YTD avg.) to an unusual level. The weekly top performers within our selected companies were Trace Group Hold (T57, BGN 6.0, ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 April 2025
The Bulgarian equity market slipped right out of the gate on Easter Holidays and the main indexes booked some losses. Decliners like Chimimport (CHIM, BGN 0.685, -2.84%) and Sirma Group (SGH, BGN 1.05, -2.78%) prevailed the advancers by 2-to-1 margin and ranked the main indexes as follows SOFIX (885.82, -0.15%), BGBX40 (169.95, -0.19%) and BGTR30 (865.83, -0.28%). First Investment Bank (FIB, BGN 4.06, +3.05%) and Smart Organic (SO, BGN 27.60, +1.47%) finished on the opposite side but the trading...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 25 July 2024
Speculative trades dominated the trading session on Wednesday. SOFIX (862.82) added 0.22% on the wings of First Investment Bank (FIB, BGN 4.70, +4.44%), Shelly Group (SLYG, BGN 37.70, +1.89%) and Bulgarian Stock Exchange (BSE, BGN 7.70, +1.99%). Chimimport (CHIM, BGN 0.725, -2.03%), Sopharma (SFA, BGN 5.80, -1.69%) and Eurohold (EUBG, BGN 1.50, -0.66) pulled back the main index on the ground of poor daily volume.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 20 May - 23 May 2024
The Bulgarian stock market kept its positive momentum from the recent weeks and managed to end the last one on the green side as investors remained active in some particular positions like Shelly Group (SLYG, BGN 74.80, +3.8%). At the close in Sofia the benchmark SOFIX added 1.2% to settle at 866.45, while the broad ones BGBX40 (172.29, 0.7%) and BGTR30 (859.84, +0.2%) showed more modest increase. The advancers outnumbered the decliners in our list of selected companies by 11-to-10 as the top pe...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 May 2024
SOFIX (868.11, -0.36%) retreated on Wednesday, reflecting the drop of M+S Hydraulic (MSH, BGN 10.80, -5.26%), Chimimport (CHIM, BGN 0.74, -3.90%) and First Investment Bank (FIB, BGN 4.70, -2.89%). Support for the main index came from Eurohold (EUBG, BGN 1.54, +2.67%) and Agria (AGH, BGN 23.50, +2.62%). Overall liquidity remained good but retail investors dominated the market and daily turnover of SOFIX reached BGN 0.69m.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 15 April - 19 April 2024
Bulgarian stock indexes ended last week on a negative note, after the tone in global markets seems to have shifted with continuing uncertainty and volatility. The leading local index SOFIX lost 0.5% to close at 805.96, as extended indexes BGBX40 (164.27) and BGTR30 (809.49) declined by -0.5% and -0.8% respectively, repeating benchmark presentation. The weekly top performer within our list of selected companies was the industrial Alcomet (ALCM, BGN 7.0, +7.7%), followed by Speedy (SPDY, BGN 165...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 19 April 2024
Four index members, out of fifteen, changed their value and SOFIX (807.23, +0.23%) closed positive on Thursday. M+S Hydraulic (MSH, BGN 11.10, +1.83%) and Shelly (SLYG, BGN 67.80, +1.19%) advanced while Chimimport (CHIM, BGN 0.685, -2.14%) and Elana Agrocredit (EAC, BGN 1.09, -0.91%) dropped during the trading session. BGBX40 (164.71) added 0.15%, BGTR30 (815.90) slipped by 0.06% while BGREIT (191.64) remained unchanged.
- Veselin Radoychev Please Change Surname
Banking System Overview 2023
ANOTHER RECORD YEAR WITH 64% YOY GROWTH OF NET INCOME, FUELLED BY THE RISE OF INTEREST RATES ON BUSINESS LOANS 2023 numbers show 64.4% YoY (+BGN 1.3bn) growth of net income to BGN 3.4bn, marking the best year in history. The 50.2% YoY (+BGN 1.6bn) growth of net interest income was the main reason for the improved financials. 12-m trailing ROE of the banking system continued improving for a twelfth consecutive quarter to 18.5% from 12.4% at end of 2022. The breakdown by banks reveals that...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 26 April 2023
Tuesday’s trade on BSE shaped up to be mostly on the positive side as the upside bias was supported by announced positive financial data for Q1. SOFIX (610.08, +0.45%) rebounded from its 200-day MA after a retreat in the last few sessions as the trades were registered mainly on the offer side, like Gradus (GR6, BGN 1.47, +2.80%) and Neochim (NEOH, BGN 37.40, +2.75%). The activity, on the other hand, remained poor and the volumes continued to stay low.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 18 April - 21 April 2023
The Bulgarian stock market lost its optimism last week as decreased investors’ activity and lack of risk appetite pushed the main indexes lower. Another short trading week brought a significant drop in both the weekly volume (-69.6% YTD) and turnover (-33.5% YTD). At the close in Sofia the local benchmark SOFIX decreased by 1.1% to settle at 608.95, below its 100-day MA. The number of falling stocks equaled the advancing ones within our universe – 12 to 12, 5 ended the week unchanged. The worst ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 21 April 2023
The market had a mostly negative disposition on Thursday, digesting negative corporate news and weak financial data. SOFIX (611.40, -0.80%) broke down the 50-MA level as Eurohold Bulgaria (EUBG, BGN 1.35, -2.88%) and Doverie United Holding (DUH, BGN 7.32, -3.17%) kept falling down under sell-off pressure, while other 7 out of 15 members did not participate in the daily change. Telelink (TBS, BGN 9.45, -4.06%) was another notable loser following the investors’ meeting the day before. Allterco (A4...
- Veselin Radoychev Please Change Surname
Banking System Overview 2022
2022 WAS A RECORD YEAR FOR THE PROFITABILITY, LOANS AND DEPOSITS GROWTH AND PORTFOLIO QUALITY • 2022 was a record profitability year for the banking system as the net income came to BGN 2.1bn, +46.8% YoY (+BGN 663m) and 23.9% higher than the second best year (2018) in history. The biggest drivers were the 17% YoY increase of net interest income, the 15.2% YoY growth of net F&C income, the 48.1% YoY growth of gains on securities and the positive net other expenses in amount of BGN 27.8m vs negat...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 26 April - 29 April 2022
All major indices except BGREIT closed lower on Friday, recording a negative short week due to Easter holidays. The main index SOFIX (619.03) decreased by 2.6%, followed by the broad indexes BGTR30 (731.09) and BGBX40 (145.47) with 1.5% and 1.6% falls, respectively. BGREIT (180.41, +0.9%) was the only index, closing on green territory, mainly pushed up by Advance Terrafund (ATER, BGN 3.51, +3.8%). Total turnover also showed unimpressive performance, ending the week almost 30% lower than the aver...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 27 April 2022
SOFIX (630.27) fell 0.78% for third day in row on Tuesday as the investors braced for further downside in unknown future. Doverie United Holding (DUH, BGN 7.68) dropped by 10.90% as the latest news around Moldova increased the risk in name. Sopharma Trading (SFT, BGN 4.50, -5.46%) and Allterco (A4L, BGN 20.50, +2.84%) were some of the most influential laggards in this trading session. Central Cooperative Bank (CCB, BGN 1.44, +2.86%), Advance Terrafund (ATER, BGN 3.44, +2.38%) and Chimimport (CHI...
- Martin Dimitrov
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 19 April 2022
SOFIX (634.32) continued its short-term uptrend by registering additional 0.52% gain on Thursday, the last trading day for the week. Financials and tech companies led the gainers as Central Cooperative Bank (CCB, BGN 1.45, +5.84%) increased the most, followed by Chimimport (CHIM, BGN 0.974, +4.73%). A few more block trades with Eurohold Bulgaria (EUBG, BGN 2.40, -0.83%), Agria Group (AGH, BGN 28.50, +2.89%) and CEZ Electro (CEZE, BGN 29 600, -1.33%) improved the daily turnover and resulted in 30...
- Veselin Radoychev Please Change Surname
Banking System Overview 2021
2021 NET INCOME SURGED 73.8% YOY ON GROWTH OF NET F&C INCOME, LOWER CONTRIBUTIONS TO RESOLUTION FUNDS AND DEPOSIT GUARANTEE SCHEMES AND LOWER CREDIT PROVISIONS • The banking system net income growth came to 73.8% YoY as net F&C income was 19.5% higher, the contributions to resolution funds and deposit guarantee schemes were 48.1% lower and the credit provisions were down by -32.2% YoY. 12-m trailing ROE of the banking system continued improving for a fourth consecutive quarter to 8.9% after ...
- Martin Dimitrov
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 13 September - 17 September
The local indexes slipped over the past week, where SOFIX shrank by 1.2% to 556.43. The top gainer within our universe was Alcomet (A4L, BGN 10.00, +9.03%), which finalised an investment, with next being CEZ Distribution (CEZD, BGN 308.00, +7.7%), whose minority shareholders are expecting a more favourable tender offer. On the opposite side, top decline was by the excluded from SOFIX Gradus (GR6, BGN 1.27,-9.9%), with next being Neochim (NEOH, BGN 24.80, -8.1%). The most traded names were Sophar...
- Martin Dimitrov
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 15 September 2021
The local indexes advanced slightly with regular turnover, where SOFIX added 0.04% to 566.07. The top movers within the main index were First Investment Bank (FIB, BGN 1.805, -1.90%) and Sirma Group Holding (SGH, BGN 0.488, +1.67%), both of which booked insignificant volume. The most traded was Telelink Business Services Group (TBS, BGN 16.40, -0.61%), after 5k TBS shares changed hands after the opening auction, with next being Allterco (A4L, BGN 17.60, +0.57%), which increased on a few low-volu...
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