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
Morning Bulletin - 16 May 2025
The Bulgarian equity market had another strong showing on Thursday due to carryover upside momentum and recorded new 18-year high. SOFIX (961.55, +2.13%) outperformed all major indexes, while BGREIT (217.32) alone registered loss in this trading session, following Bulgarian Real Estate Fund’s (BREF, BGN 4.40, -0.45%) decline. Shelly (SLYG, EUR 43.50, +11.54%) continued to lead the gainers and the positive bias was supported by Sirma (SGH, BGN 1.21, +4.31%), Smart Organic (SO, BGN 32.40, +3.18%) ...
- 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...
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 ...
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