reports
Weekly bulletin - 24 March - 28 March 2025
Moderate increase of the weekly turnover did not bring significant price change as SOFIX 910.69 added 0.4% w-o-w while all the other indexes finished the week without change. Absence of corporate news and poor liquidity left a room for speculative trades with big daily fluctuations and insignificant volumes. Risk appetite raised Agria Group Holding (AGH, BGN 22.8, +5.3%) to the top place of the weekly gainers while profit taking placed Gradus (GR6, BGN 1.13, -7.4%) among the top weekly losers. N...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 March 2025
The Bulgarian equity market had a mixed showing on Thursday with low volatility among active names. Positive price action with Chimimport (CHIM, BGN 0.735, +2.08%), placed SOFIX (903.42, +0.20%) and BGTR30 (879.53, +0.10%) slightly above previous day levels, while logged losses of Korado (KBG, BGN 4.20, -2.78%) and M+S Hydraulic (MSH, BGN 9.30, -3.63%) weighed on BGBX40 (172.93) and the broad index declined by 0.02%. The daily volumes continued to be comparable with the 15-days average within th...
- 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.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 March 2024
Selling pressure ruled the trading and SOFIX (803.52, -0.12%) closed in red on Wednesday. Chimimport (CHIM, BGN 0.682, -3.13%), First Investment Bank (FIB, BGN 2.42, -1.63%) and Sopharma (SFA, BGN 6.24, -1.27%) fully offset the positive moves of Sirma Group Holding (SGH, BGN 0.75, +2.74%) and M+S Hydraulic (MSH, BGN 10.40, +1.96%). 1.76m shares of Gradus (GR6, BGN 1.70, +13.33%) lifted the company to daily top gainers’ place and pushed up BGTR30 (813.04, +0.53%) and BGBX40 (164.71, +0.31%).
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 27 March 2024
Bulgarian Stock Exchange (BSE, BGN 15.05, -3.53%), First Investment Bank (FIB, BGN 2.46, -1.60%), Holding Varna (HVAR, BGN 44.60, -0.89%) and Doverie United Holding (DUH, BGN 9.08, -0.44%) weighed on SOFIX (804.48, -0.13%) and the main index closed in red on Tuesday. 1.26m shares of Sirma Group (SGH, BGN 0.73, +1.39%) changed hands and pushed the IT company up while speculative trades raised Advance Terrafund (ATER, BGN 3.36, +0.90%).
- 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...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 27 March - 31 March 2023
The Bulgarian stock market showed some good optimism last week as stabilized sentiment and increased investors’ confidence pushed the main indexes higher. The local benchmark SOFIX added 1.6% to settle at 610.79 and the broad ones- BGBX40 (140.23) and BGTR30 (723.66) performed similarly, gaining 1.2% on a weekly base. Both weekly volume and turnover showed great improvement, exceeding the YTD average by 186.1% and 33.3% respectively, mainly due to block trades with generally illiquid names. ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 March 2023
SOFIX (605.26, +0.60%) finished a note below its high for the day and kept close position to its 200-MA with mixed results in the bank sector, Central Cooperative Bank (CCB, BGN 1.43, +2.14%) and First Investment Bank (FIB, BGN 2.06, -5.50%), along with handful of positive financial data around real estate, Advance Terrafund (ATER, BGN 3.40, +4.29%). The main focus of the investors was on the benchmark index with increased turnover for 7 out 15 members and the volumes at its 15-day average. The ...
- 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
Morning Bulletin - 27 January 2023
The Bulgarian stock market finished a volatile session reflecting the mixed quarterly results and outlook, which drove a continued rebound in financials. SOFIX (616.38) gained 0.31% led by the manufacturer of fertilizers and nitrogen compounds Neochim (NEOH, BGN 42.60, +5.97%), which released much better than expected financial results and by Eurohold (EUBG, BGN 1.79, +2.29%), while the broad indexes BGBX40 (141.10) and BGTR30 (741.64) suffered from the declines of Monbat (MONB, BGN 4.38, -3.10%...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 9 May - 13 May 2022
The local indexes finished in the red with the only exception being BGREIT (180.64). The top gainer within our universe was Neochim (NEOH, BGN 54.50) which jumped 9.0% supported by news for a record dividend. Agria Group Holding (AGH, BGN 28.70, +4.4%) increased notably as well, while the top losers were Alcomet (ALCM, BGN 7.50, -10.7%) and First Investment Bank (FIB, BGN 1.95, -8.9%). Weekly turnover fell 56% compared to the average YtD with the most traded within our universe being Doverie Uni...
- 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...
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