reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 26 March 2026
After several negative trading sessions Wiser (WISR, EUR 2.20, +4.76%) jumped on Wednesday thus pushing SOFIX (1 212.58, +0.73%) to green territory. Doverie United Holding (DUH, EUR 5.90, +1.72%) and Shelly (SLYG, EUR 51.00, +1.59%) also advanced on the back of moderate daily volume while demand for Sopharma (SFA, EUR 1.75, +1.16%) did not find adequate supply and the company registered more than EUR 200K daily turnover. BGBX40 (208.97, +0.92%) jumped the most among local indexes, supported by G...
- 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 - 25 February 2026
SOFIX (1 330.52) declined by 0.84% on Tuesday in another disappointing session, as investors continued to pressure key names ahead of the upcoming release of consolidated financial data. Heavyweight Shelly Group (SLYG, EUR 62.20) reversed part of its recent advance, slipping 4.89% on the day and closing nearly 11% below its all-time high, weighing meaningfully on index performance. Sirma Group (SIRM, EUR 1.29, -0.77%) also finished lower on the Bulgarian Stock Exchange, while the anticipated buy...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 16 February 2026
Widened bid/ask spreads following the adoption of the euro, combined with a shift in focus among the local investment community toward the upcoming parliamentary elections (the eighth in the past five years), provided fertile ground for speculative trading and largely shaped the outcome of the final session of the week on the Bulgarian equity market. SOFIX (1 362.89, +0.62%) advanced on rebound-driven gains in Bulgarian Real Estate Fund (BREF, EUR 2.72, +2.26%), Chimimport (CHIM, EUR 0.505, +3.0...
- Veselin Radoychev Please Change Surname
Bulgaria Outlook 2026
Global macroeconomic and geopolitical challenges weighed on the Bulgarian economy over the past year, primarily through weaker external trade dynamics. Despite this, economic growth remained solid. Real GDP expanded by 2.8% in Q1, 3.5% in Q2, and 3.0% in Q3, supported almost entirely by strong domestic demand. Several factors underpinned this robust consumption growth with the most important being the growth of compensation and the euro transition effect. For 2026 the projections by major i...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 12 January 2026
Broad increase of index members lifted SOFIX (1 323.06, +4.42%) to an 18-year high. Sirma Group Holding (SGH, EUR 1.30, +17.12%) and Chimimport (CHIM, EUR 0.44, +15.79%) led daily gainers with higher daily turnover while Sopharma (SFA, EUR 1.785, +7.21%), Eurohold (EUBG, EUR 1.09, +7.92%) and Central Cooperative Bank (CCB, EUR 1.00, +5.26%) jumped without significant daily volume. Positive sentiment raised all other indexes and BGBX40 (224.48, +3.32%) and BGTR30 (1 064.12, +2.24%) closed green o...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 9 January 2026
The Bulgarian equity market extended its very strong start of the year, marking the fourth trading session under the newly adopted euro denomination. The major indexes continued to build gains, with BGREIT (229.89, -0.90%) being an exception, pressured by renewed weakness in the real estate sector. Strong price spikes in Sirma Group (SGH, EUR 1.11, +12.12%), Eurohold (EUBG, EUR 1.01, +5.21%), and Bulgarian Stock Exchange (BSE, EUR 7.30, +9.77%) supported the advance in SOFIX (1 267.03, +1.01%). ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 November 2025
The Bulgarian equity market bent under selling pressure on Thursday, as weakness in several standalone names pulled the major indexes into negative territory. Wiser Technologies (WISR, BGN 4.52, -4.24%) and Advance Terrafund (ATER, BGN 2.62, -2.60%) led the declines, weighing broadly on sentiment. At the same time, Sopharma (SFA, BGN 2.72, +1.12%) and Sirma Group (SGH, BGN 1.72, +0.58%) attracted renewed interest after their latest financial results outperformed expectations. Both names were amo...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 27 November 2025
The Bulgarian equity market extended its midterm uptrend on Wednesday, despite the absence of major corporate catalysts or meaningful macro signals, with all key indexes adding to their recent gains. SOFIX (1 088.86) finished just a tick below its 18-year high, powered by a fresh advance in Bulgarian Stock Exchange (BSE, BGN 11.80, +4.42%), which remained the session’s standout performer. Strength across the producers’ segment, most notably Hydraulic Elements and Systems (HES, BGN 5.10, +2.82%) ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 14 November 2025
Trading activity remained subdued on the Bulgarian equity market on Thursday, with all major indexes slipping modestly below their previous levels. SOFIX (1 072.55, -0.21%) absorbed losses in eight of its fifteen constituents, led by Central Cooperative Bank (CCB, BGN 1.66, -2.35%). Support from Eleven Capital (11C, BGN 16.00, +3.23%) and Stara Planina Hold (SPH, BGN 9.85, +2.60%) helped soften the downside pressure on the broader gauges, yet both BGBX40 (193.26, -0.06%) and BGTR30 (946.00, -0.0...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 3 November 2025
SOFIX (1 067.06, -0.18%) closed slightly negative on the last trading day of the month as opposite move of index members offset each other. First Investment Bank (FIB, BGN 5.06, -3.44%), Smart Organic (SO, BGN 27.60, -1.43%), Sirma Group Holding (SGH, BGN 1.70, -1.16%) and Advance Terrafund (ATER, BGN 2.82, -1.05%) disappointed investors with the release of Q3 financial reports and selling pressure did not find adequate demand. Wiser (WISR, BGN 5.05, +1.81%) also reported loss in Q3 but negative...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 20 October 2025
Huge dividend distribution from Bulgarian Stock Exchange (BSE, BGN 10.60, +10.42%) pushed SOFIX (1 073.93, +0.74%) up on Friday. IT companies Sirma Group Holding (SGH, BGN 1.44, +2.13%) and Wiser (WISR, BGN 5.40, +1.89%) offset the drop of Shelly (SLYG, BGN 54.80, -1.08%) with bigger than regular daily turnover. The wider BGBX40 (193.74, +0.46%) also gained altitude on the back of Monbat (MONB, BGN 1.95, +2.63%) and Sofia Commerce Pawn Brokerage (SCOM, BGN 8.40, +3.07%).
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 9 September - 12 September 2025
Bulgarian equity markets ended the week on a cautious note, with most major indexes posting modest declines as participants reassessed positioning following the end of the summer season. The local benchmark SOFIX declined by 0.7%, closing at 1 077.62, while the broader BGBX40 (195.28, -0.2%) and BGTR30 (958.07, +0.1%) remained flattish. Industrial M+S Hydraulic (MSH, BGN 10.10, +5.2%) and SOFIX member Telematic Interactive Bulgaria (TIB, BGN 22.20, +2.8%) were on the top of the gainers in our li...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 15 September 2025
The Bulgarian equity market ended the week slightly lower on Friday, with the main indexes posting modest declines between 0.13% and 0.20%. BGREIT (230.31, +0.04%) was the lone gainer, edging higher reflecting the positive price actions of Sopharma Buildings (SFB, BGN 15.80, +1.94%). Among the benchmark constituents, Sirma Group (SGH, BGN 1.38, -2.13%), Bulgarian Stock Exchange (BSE, BGN 9.70, -1.52%), and Sopharma (SFA, BGN 2.68, -0.74%) led the laggards amid moderate activity. Turnover picked ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 1 September - 5 September 2025
The Bulgarian equity market delivered a mixed performance during the first week of September, as investors’ sentiment remained subdued and lacked a strong catalyst to drive a more decisive market direction. The benchmark SOFIX index edged up by 0.4%, closing at 1 085.72 points, while all the other major indices moved within a narrow range, between +0.1% and -0.4%. The top performer among the tracked stocks was Stara Planina Hold (SPH), which gained 4.2% to BGN 10.00. Sopharma (SFA) – a SOFIX con...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 4 September 2025
The Bulgarian equity market traded mostly on the bid side, with all major indexes closing in positive territory. The upward momentum was driven by heavyweight Sopharma (SFA, BGN 2.73, +1.49%), further supported by Chimimport (CHIM, BGN 0.73, +1.39%). These gains offset declines in First Investment Bank (FIB, BGN 5.18, -2.63%), Hydraulic Elements & Systems (HES, BGN 4.90, -3.92%), and Gradus (GR6, BGN 1.00, -3.85%). Daily volumes remained subdued compared to the 3-month average on a benchmark bas...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 August 2025
Retail investors and speculators rule the trading and SOFIX 1 068.10 (-0.06) fluctuated without significant daily volume on Wednesday. Heavy Shelly (SLYG, EUR 55.80, -2.11%) and Wiser (WISR, BGN 5.60, -1.75%) retreated during the day as bid/ask spreads of both companies remained 3-5% wide. Sopharma (SFA, BGN 2.50, +0.81%) and First Investment Bank (FIB, BGN 5.42, +2.65%) supported the main index without corporate news, while moderated financial performance of Sirma Group Holding (SGH, BGN 1.38, ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 27 August 2025
A block trade and positive sentiment in the end of the trading session lifted Bulgarian Real Estate Fund (BREF, BGN 5.20, +1.96%) while speculative trades fixed Bulgarian Stock Exchange (BSE, BGN 9.35, +0.54%) and Eurohold (EUBG, BGN 1.85, +0.54%) positive. SOFIX (1 068.73) remained unchanged due to the south move of tech companies Shelly (SLYG, EUR 57.00, -0.70%) and Sirma Group Holding (SGH, BGN 1.36, -1.45%). Chimimport (CHIM, BGN 0.725, -2.68%) also plunged on Tuesday on the back of speculat...
Morning Bulletin - 20 August 2025
The Bulgarian equity market advanced on Tuesday, led by heavyweight Shelly Group (SLYG, EUR 53.80, +2.28%) and Holding Varna (HVAR, BGN 47.40, +1.72%). Broader support came from light-volume gains in EMKA (EMKA, BGN 1.99, +2.58%), Speedy (SPDY, BGN 198.00, +3.13%), and Stara Planina Hold (SPH, BGN 9.70, +2.11%), lifting BGBX40 (193.90, +0.69%) and BGTR30 (958.39, +0.35%). Turnover surged in the session, boosted by a significant block trade in Bulgarian Stock Exchange (BSE, BGN 9.35, -0.53%). Sec...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 30 June - 4 July 2025
The Bulgarian stock market edged slightly lower last week, as investor activity did not improve and there was no clear point for the market during ongoing summer season. The benchmark SOFIX retreated 0.2% to settle at 1023.43, as the broad ones- BGBX40 (188.48, -0.2%) and BGTR30 (938.83, -0.3%) performed the same. The weekly volume (-68.5%) showed weak performance, while the turnover (+50.7%) was pushed up by intense trade with bonds and some particular positions. The top gainers within our list...
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