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
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 - 24 November 2025
All major indexes closed Friday’s session on negative territory, with SOFIX (1 071.88, -1.11%) underperforming, while BGBX40 (192.56, -0.77%) and BGTR30 (941.65, -0.39%) saw comparatively milder declines as light-volume trades in several mid-cap names softened the downside. Eurohold Bulgaria (EUBG, BGN 1.83, -4.69%), coming off a week of elevated volatility, slipped back toward early-week levels on thin turnover and topped the list of decliners on the Bulgarian Stock Exchange. Trading activity r...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 10 November - 14 November 2025
The Bulgarian stock market ended the previous week on a positive note, with the sole exception of the sector index BGREIT (226.49, -0.6%), which reflected the weaker performance of Advance Terrafund (ATER, BGN 2.75, -1.8%). The leading local benchmark SOFIX gained 0.8% to close at 1 079.33, supported by strong upward moves from heavyweights Eurohold Bulgaria (EUBG, BGN 1.94, +7.8%) and the high-growth Shelly Group (SLYG, EUR 54.00, +5.5%). Both stocks were also among the top gainers in FFBH’s li...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 18 November 2025
The Bulgarian equity market saw an unusual surge in volumes on Monday – particularly within SOFIX constituents – which pressured all major indexes into negative territory. Heavy selling in Eurohold (EUBG, BGN 1.83, -5.67%), First Investment Bank (FIB, BGN 4.83, -5.29%), Bulgarian Stock Exchange (BSE, BGN 10.70, -3.60%), and Chimimport (CHIM, BGN 0.685, -3.52%) drove the benchmark SOFIX (1 063.34) to the bottom of the daily rankings with a 1.48% decline. The sharp drop in Expat SOFIX ETF (BGX, BG...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 12 November 2025
The Bulgarian equity market showed resilience on Tuesday, with the major indexes closing in positive territory, advancing between 0.21% and 0.63%. SOFIX (1 073.87, +0.63%) outperformed, supported by gains in Central Cooperative Bank (CCB, BGN 1.70, +2.41%) and Shelly Group (SLYG, EUR 53.00, +1.53%). Monbat (MONB, BGN 1.89, +3.85%) and Zaharni Zavodi (ZHBG, BGN 0.12, +4.35%) led on a broader base, though their influence was limited by light-volume trades. Weakness in Advance Terrafund (ATER, BGN ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 7 November 2025
The Bulgarian equity market experienced a volatile session, though the final outcome remained moderate compared to recent levels. Bulgarian Real Estate Fund (BREF, BGN 5.10, +2.41%) lifted SOFIX (1 070.88, +0.67%), which led the gains among the major indexes and drew additional buying interest in First Investment Bank (FIB, BGN 5.10, +1.59%) and Bulgarian Stock Exchange (BSE, BGN 10.90, +1.87%). Light-volume trades with Albena (ALB, BGN 26.20, -2.96%), Speedy (SPDY, BGN 185.00, -4.15%), and Petr...
- 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 - 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 - 17 October 2025
Bulgarian Stock Exchange (BSE, BGN 9.60, -2.04%), Speedy (SPDY, BGN 190.00, -2.56%), Eurohold (EUBG, BGN 1.79, -1.65%) and Smart Organic (SO, BGN 29.60, -1.33%) suffered from poor liquidity and selling pressure. SOFIX (1 066.09, -0.52%), BGBX40 (192.86, -0.52%) and BGTR30 (940.21, -0.33%) slipped without significant daily volume. Sirma Group Holding (SGH, BGN 1.41, +0.71%) was the only company within SOFIX’s area which remained positive on the back of speculative trades.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 16 September 2025
The Bulgarian equities opened the week under pressure, with all major indexes finishing lower on broad-based selling. SOFIX (1 071.73, -0.55%) was dragged down by Advance Terrafund (ATER, BGN 2.86, -3.05%), while Speedy (SPDY, BGN 190.00, -3.06%) added weight on BGBX40 (194.36, -0.47%) and BGTR30 (956.29, -0.19%). Volumes remained moderate for the season, though block trades once again lifted the daily statistics, including activity in Eurohold (EUBG, BGN 1.82, -1.09%), Balkan and Sea Properties...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 18 August 2025
The Bulgarian stock market closed in positive territory on Friday, with gains ranging from 0.06% to 0.33%. The benchmark SOFIX index rose the most, ending at 1 053.95 points, driven by strong performances of Shelly Group (SLYG, EUR 52.00, +2.77%) and Smart Organic (SO, BGN 31.40, +1.29%). On the downside, the negative impact came from heavy names like Chimimport (CHIM, BGN 0.735, -1.34%) and Sopharma (SFA, BGN 2.46, -0.81%). SOFIX daily turnover increased, with liquidity largely driven by tradin...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 14 August 2025
Huge opposite move of SOFIX (1 051.29, -0.12%) members fixed the main index almost unchanged on Wednesday. Wiser (WISR, BGN 5.85, +3.54%) registered large move with insignificant daily turnover, which was fully offset by the step back of Bulgarian Real Estate Fund (BREF, BGN 5.20, -1.89%), Sirma Group Holding (SGH, BGN 1.38, -1.43%) and the heavy member Shelly (SLYG, EUR 50.60, -0.39%). All other indexes lost altitude but BGREIT (232.60, -0.53%) lost the most, reflecting the negative move of mai...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 1 August 2025
SOFIX 1040.03 lost 0.28% on Thursday thus finishing the month in the red zone with moderate daily turnover. Heavy Shelly (SLYG, EUR 49.00, -1.61%) and Eurohold (EUBG, BGN 1.84, -0.54%) suffered from selling pressure and weighed on the main index. Daily loser Telematic Interactive (TIB, BGN 22.40, -2.61%) registered insignificant daily volume and speculative trades fixed the gambling operator in negative territory. Support for the main index came from Chimimport (CHIM, BGN 0.725, +1.40%) and Bulg...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 31 July 2025
Selling pressure in key constituents Chimimport (CHIM, BGN 0.715, -2.05%) and Sopharma (SFA, BGN 2.44, -0.41%) nudged the SOFIX slightly lower by 0.03% to 1 042.97 on Wednesday. In contrast, the broader indexes outperformed, supported by gains in M+S Hydraulic (MSH, BGN 10.20, +2.51%) and Stara Planina Hold (SPH, BGN 9.30, +5.08%). The BGBX40 rose 0.21% to 192.00, while the BGTR30 added 0.19% to 951.29. Turnover remained well above average, driven in part by activity in less frequently traded st...
- 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
Weekly bulletin - 13 July - 18 July 2025
The past week was negative for the major indexes on the Bulgarian Stock Exchange, with SOFIX (1 043.55) recording the largest decline, down 1.0%. Key underperformers from our watchlist that dragged the indexes lower included Neochim (NEOH, BGN 20.00, -7.4%), Stara Planina Hold (SPH, BGN 9.00, -7.2%), and Sopharma (SFA, BGN 2.49, -4.2%). In contrast, BGREIT (231.04) edged up by 0.05%, supported by gains in its heaviest constituents – Advance Terrafund (ATER, BGN 3.00, +0.7%) and Bulgarian Real Es...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 16 July 2025
The Bulgarian Stock Exchange indexes weakened on Tuesday, with SOFIX slipping by 0.38% to close at 1 053.22. Over two-thirds of the benchmark turnover came from Sopharma (SFA, BGN 2.60, -2.26%) as the stock price suffered increased selling pressure. The top performer within SOFIX was Central Cooperative Bank (CCB, BGN 1.74, +3.57%), while Sopharma (SFA), Bulgarian Stock Exchange (BSE, BGN 9.00, -1.10%) and Telematic Interactive (TIB, BGN 22.40, -0.88%) lost the most. The broader indices also pos...
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