reports
- 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 - 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 - 29 October 2025
It was a mixed session on the Bulgarian Stock Exchange on Tuesday, with the main indexes ending flat amid opposing moves across key equities. SOFIX (1 069.43, 0.00%) closed unchanged as a 3.59% rise in First Investment Bank (FIB, BGN 5.20, +3.59%), following the publication of the agenda for its upcoming extraordinary general meeting, offset declines in Shelly Group (SLYG, EUR 52.60, -0.38%), Advance Terrafund (ATER, BGN 2.90, -1.02%), and Bulgarian Stock Exchange (BSE, BGN 10.70, -0.93%). The b...
- 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
Morning Bulletin - 11 September 2025
The Bulgarian equity market extended its midterm downtrend on Wednesday, with all major indexes closing lower amid subdued activity on the bid side. SOFIX (1 080.54, -0.04%) edged down slightly, while BGBX40 (195.39, -0.36%) and BGTR30 (958.25, -0.16%) underperformed, pressured by sell-offs in Sofia Commerz (SCOM, BGN 7.85, -4.27%), Korado Bulgaria (KBG, BGN 4.14, -4.17%), and Speedy (SPDY, BGN 193.00, -3.50%). Turnover slipped below recent levels, with trading concentrated in benchmark constitu...
- 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 - 29 July 2025
The announcement of a US-EU trade deal failed to lift sentiment on the Bulgarian Stock Exchange, as investors remained largely in wait-and-see mode. SOFIX slipped 0.29% to 1 038.57, weighed down by losses in Sopharma (SFA, BGN 2.42, -0.41%) and Bulgarian Real Estate Fund (BREF, BGN 5.05, -2.88%). Trading activity centered around companies linked to Chimimport (CHIM, BGN 0.73, 0.00%), including Holding Varna (HVAR, BGN 47.20, 0.00%), Balkan and Sea Properties (BSP, BGN 24.20, 0.00%), and Syntheti...
- 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
Weekly bulletin - 7 July - 11 July 2025
The Bulgarian stock market marked a stable week with less volatility amid subdued trading activity, as all major indexes closed on green , ranging from 1.4% to 3.0%. Benchmark SOFIX added 3.0% to settle at 1054.19, reflecting the strong performance of the index members Sopharma (SFA, BGN 2.60, +9.9%) and the powerhouse Shelly Group (SLYG, EUR 50.00, +5.5%). The top gainer within our list of selected companies was the industrial Stara Planina Hold (SPH, BGN 9.70, +13.5%), while the red side start...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 10 July 2025
The Bulgarian equity market ended Wednesday’s session on a positive note, led by strong performance from Shelly Group (SLYG, EUR 48.90, +2.30%), following the release of robust H1 preliminary results. Bulgarian Stock Exchange (BSE, BGN 9.15, +2.81%) also contributed significantly to the upbeat sentiment. The benchmark index SOFIX advanced to a new 18-year high, closing at 1 032.04, supported by gains in key constituents. However, broader market indexes lagged slightly, weighed down by declines i...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 23 June - 27 June 2025
Green color and huge weekly turnover set SOFIX at 1025.22 (+1.8%) – level we haven’t seen since September 2008. Weekly turnover tripled and reached BGN 44m., compared to the average one YTD of BGN 15.6m. Main distributors for the increased volume were Doverie Unted Holding’s buy-back and Sopharma’s sales of its treasury shares. The week was highlighted also by the first IPO this year of Green Innovation which raised almost BGN 8m. on Tuesday.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 June 2025
The Bulgarian benchmark index SOFIX climbed 1.12% to 1025.22, reaching a record 16-year high on the final trading day of the week. The rise was driven by strong performances from Bulgarian Real Estate Fund (BREF, BGN 4.94, +2.23%) and Sopharma (SFA, BGN 7.00, +6.06%). Meanwhile Neochim (NEOH, BGN 22.00, -2.65%) and Albena (ALB, BGN 26.20, -2.96%) traded lightly and curbed the broader market’s momentum. As a result, BGBX40 and BGTR30 posted modest gains of 1.17% (188.81) and 0.76% (942.08), respe...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 9 June - 13 June 2025
The main indexes on the BSE retreated last week with the exception of BGREIT (221.17; +0.6% WoW). The blue-chip SOFIX (1006.98) lost 0.6%, while the wider BGBX40 lost the most (187.06; -0.7% WoW). The top gainer within our universe was Bulgarian Real Estate Fund (BREF, BGN 4.88, +4.7%), while Shelly Group (SLYG, EUR 47.5, -4.8%) and Telematic Interactive Bulgaria (TIB, BGN 21.60, -4.4%) lost the most. Both the volumes (+123.1% YtD) and the weekly turnover (+156.2% YtD) were well above their YtD ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 11 June 2025
The Bulgarian equity market finished strong on Tuesday, leaving the major indexes at fresh record highs. The broad base buying activity left SOFIX (1 017.91) with 0.89% gain, followed by BGBX40 (189.33, +0.69%) and BGTR30 (941.90, +0.44%). Bulgarian Real Estate Fund (BREF, BGN 4.90, +6.06%) and the heavy-weighted Sopharma (SFA, BGN 6.68, +3.73%) and Shelly (SLYG, EUR 50.80, +2.01%) attracted the most investors focus with higher than 3-month average volume. Doverie (DUH, BGN 9.14, -0.87%), Advanc...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 2 June - 6 June 2025
The Bulgarian stock market continued the positive trend during the past week, as all major indexes closed on green, ranging from 0.1% to 1.4%. The benchmark SOFIX added 1.4% to settle at 1012.91, reflecting the impressive performance of the index members Doverie United Holding (DUH, BGN 9.28, +5.2%) and the powerhouse Shelly Group (SLYG, EUR 49.90, +9.2%). The top gainer within our list of selected companies was industrial Stara Planina Hold (SPH, BGN 9.10, +11.0%), while the red side started wi...
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