reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 March 2026
Selling pressure among the market fixed SOFIX (1 215.84, -0.32%) negative on Friday. Elana Agrocredit (EAC, EUR 0.52, -3.70%) dropped the most followed by Bulgarian Real Estate Fund (BREF, EUR 2.36, -1.67%), Shelly (SLYG, EUR 50.60, -0.78%) and Doverie United Holding (DUH, EUR 5.80, -1.36%). Several bigger trades wiped out the offer side of Sopharma (SFA, EUR 1.775, +1.43%) and the pharmaceutical company registered 40% of SOFIX daily turnover. Gradus (GR6, EUR 0.55, +8.91%) partly offset the neg...
- Veselin Radoychev Please Change Surname
Bulgaria Banking System Overview 2025
STRONG LENDING AND DEPOSIT GROWTH OFFSET BY MARGIN PRESSURE AND WEAKER SECURITIES GAINS Profitability: The banking sector reported net income of BGN 3.6bn in 2025, down 1.8% YoY from the record 2024 level. Net interest income grew modestly by 1.3%, as portfolio expansion was largely offset by higher funding costs. Non-interest income supported profitability, with FX gains rising by BGN 283.3m and net fees and commissions income up by BGN 163.7m, though these were largely offset by a 73.4% Yo...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 27 March 2026
Positive sentiment raised SOFIX (1 219.80, +0.60%) on Thursday. Small speculative trades pushed Advance Terrafund (ATER, EUR 1.37, +2.24%), Sirma Group (SIRM, EUR 0.90, +1.69%) and Eurohold (EUBG, EUR 1.10, +1.85%) while Bulgarian Real Estate Fund (BREF, EUR 2.40, -0.83%) suffered from selling pressure and 45K changed hands. Sopharma (SFA, EUR 1.75, 0.00%) and Shelly (SLYG, EUR 51.00, 0.00%) registered more than 50% of daily turnover within SOFIX area but both company finished the day without ch...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 16 March - 20 March 2026
The Bulgarian stock market continued its downward trajectory over the past week, with all major indices closing firmly in negative territory. The benchmark SOFIX index declined by 3.2%, ending the week at 1 210.32 points. Broader indices followed a similar trend: the BGBX40 fell by 2.6% to 208.17 points, while the equally weighted BGTR30 index dropped 2.2%, finishing at 1 025.31 points. The sector-specific BGREIT index proved relatively more resilient, slipping by a modest 1.4% to 226.68 points....
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 March 2026
Quite opposite move of SOFIX (1 210.32, 0.00%) members fixed the main index unchanged on Friday. The jump of Sirma Group Holding (SIRM, EUR 0.915, +3.39%), First Investment Bank (FIB, EUR 3.16, +2.27%) and Sopharma (SFA, EUR 1.715, +2.08%) fully offset the drop of Eurohold (EUBG, EUR 1.03, -6.36%) and Wiser (WISR, EUR, 2.10, -1.87%). The trading session was highlighted by the transfer of 100.8m shares of Gradus (GR6, EUR 0.55, +27.91%) representing 40.9% of the company. BGBX40 (208.17, +0.46%) c...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 17 March 2026
The negative trend extended into the first trading day of the week, with all major indices posting notable losses. SOFIX (1 231.46, -1.49%) underperformed, as eleven of its fifteen constituents closed lower. The decline was led by Doverie United Holding (DUH, EUR 5.94, -3.57%) and Sirma Group (SIRM, EUR 0.99, -3.88%), both of which slipped below key psychological support levels of EUR 6.00 and EUR 1.00, respectively, adding to the negative sentiment. On the broader market, limited positive price...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 February 2026
The Bulgarian equity market experienced notable intraday volatility in the final trading session of the week, driven by low-volume price swings across a broad range of stocks. Despite these fluctuations, the major indices finished largely unchanged, leaving week-to-date performance broadly flat. SOFIX (1 353.00) closed at the same level as gains in Central Cooperative Bank (CCB, EUR 1.88, +3.30%) and Chimimport (CHIM, EUR 0.49, +4.26%) fully offset declines in Doverie (DUH, EUR 6.90, -2.54%), Fi...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 January 2026
The positive sentiment on the Bulgarian Stock Exchange weakened on Thursday, pushing all major indexes into negative territory, with SOFIX (1 385.46, -1.40%) recording the steepest decline. Doverie (DUH, EUR 7.10, -8.51%) came under pronounced selling pressure, followed by Smart Organic (SO, EUR 17.20, -3.37%), Central Cooperative Bank (CCB, EUR 1.84, -3.16%), and Chimimport (CHIM, EUR 0.58, -3.33%), though trading volumes across these names remained subdued. A sharp advance in Sopharma Trading ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 27 January 2026
The Bulgarian equity market posted a solid start to the week, with SOFIX (1 402.30, +1.06%) leading the advance, followed by BGBX40 (243.57, +0.91%), BGTR30 (1 125.05, +1.05%), and BGTREIT (233.46, +0.46%). Ten out of fifteen constituents in the benchmark closed higher, led by the latest momentum names Chimimport (CHIM, EUR 0.60, +7.14%) and Shelly Group (SLYG, EUR 69.00, +4.55%). Investor sentiment improved compared to the end of last week, although trading volumes remained below the 15-day ave...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 January 2026
The Bulgarian equity market entered a phase of consolidation after reaching an 18-year record high, with the main indexes posting their first losses since the beginning of the year. Recent top performer Chimimport (CHIM, EUR 0.585, -7.14%) led the pullback, followed by Sirma Group (SGH, EUR 1.20, -2.44%) and Elana Agrocredit (EAC, EUR 0.55, -2.65%). Profit-taking activity dominated the session, while trading volumes within SOFIX (1 395.85, -1.33%) remained below the 3-month average, indicating a...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 14 January 2026
Increased volatility continued to favour speculative trading on the Bulgarian Stock Exchange, though names such as Sirma Group (SGH, EUR 1.31, -4.38%), BSE (EUR 7.70, -4.35%) and Doverie (DUH, EUR 8.14, -3.10%) moved in the opposite direction and smoothed the daily outcome for the major indexes. SOFIX (1 371.70) advanced modestly by 0.17%, led by financials - First Investment Bank (FIB, EUR 3.84, +4.92%) and Central Cooperative Bank (CCB, EUR 1.22, +12.96%). On a broader basis, Sopharma Trading ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 December 2025
The final session of the last full trading week before year-end closed on a positive note for the Bulgarian equity market, reflecting the constructive sentiment observed in recent days. Chimimport (CHIM, BGN 0.745, +2.76%) and Sirma Group (SGH, BGN 1.86, +6.29%) contributed the most to SOFIX (1 148.45, +0.45%), which rewrote its 18-year high. Meanwhile, light-volume trades with Albena (ALB, BGN 27.60, +5.34%) and Gradus (GR6, BGN 1.09, +9.00%) drove the outperformance of the broader BGBX40 (201....
- 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 - 24 November 2025
Bulgarian equities ended the week firmly on the negative side, with most major indices posting declines as investors reassessed their positions amid heightened volatility across global markets. The local blue-chip index SOFIX slipped by 0.7% to close at 1 071.8 points, as the broader BGBX40 (192.56, -0.8%) and BGTR30 (941.65, -0.7%) mirrored the overall downward trend. Among the stocks we track, the top performers were Trace Group Hold (T57, BGN 5.20, +4.0%), the consistently strong Shelly Group...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 21 November 2025
The Bulgarian equity market extended its rebound on Thursday with SOFIX (1 083.94, +0.77%) adding to the recovery seen earlier in the week. Central Cooperative Bank (CCB, BGN 1.69, +3.05%), Advance Terrafund (ATER, BGN 2.75, +3.00%), Chimimport (CHIM, BGN 0.70, +2.94%), and Doverie (DUH, BGN 9.28, +2.20%) led the advance, though the strength came somewhat unexpectedly given the light trading volumes and absence of fresh corporate catalysts. Market activity remained moderate for the season and co...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 October 2025
Trading on the Bulgarian equity market remained subdued, with light volumes and mixed movements across the major indexes. Investor sentiment was cautious, resulting in modest price changes. First Investment Bank (FIB, BGN 5.26, +1.15%) continued to attract attention following its recently published agenda, which helped the stock advance by 1.15% and along with Sopharma (SFA, BGN 2.74, +1.48%) and Doverie (DUH, BGN 9.46, +1.07%) supported the SOFIX index, which closed 0.25% higher at 1 072.11 poi...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 October 2025
The Bulgarian equity market lost momentum on Monday, sending the main indexes in mixed directions. SOFIX (1 069.46, -0.33%) slipped as weakness in the tech sector, led by Shelly Group (SLYG, EUR 52.80, -0.75%), Sirma Group (SGH, BGN 1.53, -0.65%), and Wiser Technologies (WISR, BGN 5.00, -0.99%), weighed on the benchmark. The broader BGTR30 (946.97, +0.21%) outperformed, supported by Synthetica (SYN, BGN 84.50, +11.18%), which surged after a block trade was registered at BGN 81.00. Tchaikapharma ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 24 October 2025
The Bulgarian equity market opened on a lower note on Friday, pressured by the placement of a 2.5% stake in Bulgarian Stock Exchange (BSE, BGN 10.80, -4.42%) at a price well below the market level. The discount-driven sale widened declines through the session, sending the major indexes lower. SOFIX (1 068.14) slipped below its 50-day moving average, as a 2.30% gain in Shelly Group (SLYG, EUR 53.40, +2.30%) was not enough to offset losses elsewhere. Trading activity remained subdued, with BSE alo...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 October 2025
The Bulgarian equities market extended its midterm uptrend on Tuesday. The major indexes advanced between 0.11% and 0.54%, with SOFIX (1 082.77, +0.54%) leading the gains, driven by Sopharma (SFA, BGN 2.77, +2.21%) and Sirma Group (SGH, BGN 1.51, +1.34%), while Advance Terrafund (ATER, BGN 2.93, -0.34%) weighed on BGREIT (228.64, -0.07%). Bulgarian Stock Exchange (BSE, BGN 11.50, -0.86%) saw cooling demand after its price outpaced the proposed dividend, while Agria Group (AGH, BGN 15.00, -3.85%)...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 23 September - 26 September 2025
The Bulgarian stock market showed a modest performance over the past week, with all major indexes ending nearly flat on Friday. The benchmark SOFIX edged up by 0.1% to close at 1 066.97, while the other key indexes also finished in positive territory, posting gains between 0.1% and 0.5%. Trading activity remained subdued, as block deals and bond trades contributed to a higher-than-average weekly turnover (+29.34%), despite a significant year-to-date decline in volumes (-71.9%). Gradus (GR6, BGN ...
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