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 - 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 ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 September 2025
Bulgarian equities closed lower on Friday after a volatile session marked by sharp price swings. SOFIX (1 065.52, -0.30%) was pressured by heavyweight Shelly Group (SLYG, EUR 52.00, -3.35%), which posted wide intraday moves before settling with a steep loss. Gains in Telematic Interactive (TIB, BGN 22.60, +2.73%) and Sopharma (SFA, BGN 2.70, +2.27%) helped cushion the decline. The broader indexes also retreated, with the BGBX40 (192.86, -0.32%) and BGTR30 (949.21, -0.48%) additionally dragged do...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 August 2025
The Bulgarian equity market extended its decline on Thursday, with SOFIX (1 052.98, -0.72%) posting the steepest loss among the main indexes. Technology names weighed heavily, led by weakness in Shelly Group (SLYG, EUR 53.60, -2.19%) and Sirma Group Holding (SGH, BGN 1.35, -2.88%). The pullback mirrored the softer global tone and was largely driven by large-cap stocks, while much of the broader market remained flat or inactive. Turnover was thin, with daily volumes at just 39% of the three-month...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 21 July - 25 July 2025
Weekly turnover of BGN 32m doubled last week compared to the average YTD, while almost all local indexes remained unchanged except BGREIT 323.91 (+0.8%), which registered an insignificant positive move. Vacation season and the forthcoming release of H1 financial reports restrained investors’ activity, while the block trades and cash management ruled the trading. This week we will be closely monitoring the financial reports that are due to be published by Thursday, especially the industrial compa...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 25 July 2025
Bulgarian stocks were little changed in Thursday’s quiet session with light volumes keeping the main indexes flat. SOFIX slipped 0.05% to 1 043.42, with turnover at just 14% of the 3-month average. Sirma Group (SGH, BGN 1.44, +2.13%) and Smart Organic (SO, BGN 31.00, -1.90%) led the individual movers. Broader indexes BGBX40 (191.49, -0.04%) and BGTR30 (951.34, -0.04%) were also marginally lower, as losses in Bulmetal (BMTL, BGN 9.10, -2.15%) offset gains in Hydraulic Elements and Systems (HES, B...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 July 2025
A mixed trading session fixed SOFIX (1 045.48, +0.18%) positive. The north moves of Shelly (SLYG, EUR 49.90, +2.46%), Bulgarian Real Estate Fund (BREF, BGN 5.20, +0.97%) and Telematic Interactive (TIB, BGN 22.60, +0.89%) offset the negative impact of Wiser (WISR, BGN 5.15, -2.83%), First Investment Bank (FIB, BGN 5.06, -1.17%) and Chimimport (CHIM, BGN 0.74, -1.33%). Advance Terrafund (ATER, BGN 2.98, -0.67%) stepped back but BGREIT (231.19, +0.06%) closed in the green zone. Overall liquidity re...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 16 June - 20 June 2025
The Bulgarian stock market did not manage to find support during the past week and indexes finished the week mainly on the red side, as the benchmark SOFIX (1007.57, +0.1%) was the only one in green. Three index members – Shelly Group (SLYG, EUR 50.20, +5.7%), Wiser (WISR, BGN 5.40, +1.9%) and Sopharma Trading (SFT, BGN 5.80, +0.9%) were on the top of the gainers within our list of selected securities. On the other side, Speedy (SPDY, BGN 190.00, -5.0%) and Alcomet (ALCM, BGN 5.95, -4.8%) lost t...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 June 2025
The major indexes finished the week mixed as no conviction was seen from either buyers or sellers. The heavy members Shelly (SLYG, EUR 50.20, -1.18%) weighed on SOFIX (1007.57, -0.22%), and the benchmark index registered a loss despite the equilibrium in the advancer-decliner line, while Neochim (NEOH, BGN 23.00, +8.49%) boosted the broad indexes and BGTR30 (931.71) registered a 0.20% gain. The activity was moderate and the turnover within the SOFIX covered the 3-month average.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 19 May - 23 May 2025
The Bulgarian stocks marked a positive week, while the global markets suffered pullbacks and volatility, as new threats were tapping the brakes on investor optimism. The local benchmark SOFIX added 2.6% to settle at 981.32 and the broader BGBX40 (183.32, +1.7%) and BGTR30 (922.11, +2.6%) moved similar. Three SOFIX members were the top gainers in our list of selected securities – the technology blue chips Sirma Group Holding (SGH, BGN 1.43, +19.2%) and Wiser Technologies (WISR, BGN 5.35, +7.4%) a...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 21 May 2025
The major indexes closed near session highs on Wednesday, reflecting the continuous buying interest in Bulgarian Stock Exchange (BSE, BGN 8.60, +3.61%), Sirma Group (SGH, BGN 1.26, +4.13%) and Smart Organic (SO, BGN 33.00, +3.13%). First Investment Bank (FIB, BGN 5.00) attracted more investors after the announcement of additional items to be voted on the GSM and led the gainers with 13.64% advance, revealing the investors optimism about some key phrases in the proposal. Doverie (DUH, BGN 8.28, -...
- 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
Morning Bulletin - 25 April 2025
The trading activity on the Bulgarian equity market continued to shrink with the uprising of the temperature, though the main indexes increased in range between 0.12% and 0.24%. SOFIX (886.17, +0.24%) was leading the way, fuelled by the tech companies and the real estate sector. Wiser Technologies (WISR, BGN 4.68, +2.63%) and Sirma (SGH, BGN 1.09, +1.87%) led the gainers, while the investors’ focus was on Smart Organic (SO, BGN 28.40, +0.71%), awaiting the release of the Q1 2025 financial data, ...
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