reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 17 February 2026
The Bulgarian equity market faced mild selling pressure amid widened bid/ask spreads, pushing the main indices into negative territory on the first trading day of the week. Major averages moved largely in tandem with fluctuations across the broader market, with SOFIX (1 353.42) finishing in the middle of the pack, down by 0.69%. EMKA (EMKA, EUR 1.20, -5.51%) and Agria Group (AGH, EUR 5.50, -4.35%) led the session’s decliners, while Sopharma (SFA, EUR 1.90, -2.31%) slipped in the final minutes of...
- 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...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 29 January 2026
The major indexes extended their advance on Wednesday, supported by strength in the technology sector, led by Wiser Technologies (WISR, EUR 2.82, +0.71%), Sirma Group (SGH, EUR 1.29, +0.78%), and Shelly Group (SLYG, EUR 70.20, +0.29%). At the same time, weakness in Central Cooperative Bank (CCB, EUR 1.90, -3.55%) and Elana Agrocredit (EAC, EUR 0.545, -2.68%) capped the upside, leaving SOFIX (1 405.08, +0.19%) with a modest gain as it continued to hover near last week’s fresh 18-year high. Invest...
- 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 - 16 January 2026
For a ninth consecutive trading session SOFIX 1 386.14 (+0.51%) closed green. The strong positive sentiment from the previous days waned and the main index members registered huge opposite moves. Central Cooperative Bank (CCB, EUR 1.55, +19.23%) and Chimimport (CHIM, EUR 0.50, +4.17%) jumped north, while profit taking and insignificant speculative trades weighed on First Investment Bank (FIB, EUR 3.61, -4.50%), Sirma Group Holding (SGH, EUR 1.30, -2.26%) and Advance Terrafund (ATER, EUR 1.42, -2...
- 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 - 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 - 1 December 2025
The Bulgarian equities inched higher on Friday, recovering most of the previous session’s losses and closing the week with modest gains. A rebound in Advance Terrafund (ATER, BGN 2.67, +1.91%) and a steady bid in Shelly Group (SLYG, EUR 56.40, +1.44%) helped to lift all major indexes, with SOFIX (1 087.77, +0.14%) leading the advance. Trading volumes were broadly unchanged from the prior session, remaining subdued for the season. Chimimport (CHIM, BGN 0.70, 0.00%) and Eurohold (EUBG, BGN 1.90, +...
- 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 - 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 - 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
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 - 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 - 23 October 2025
The Bulgarian equity market retreated on Wednesday as a lack of fresh news and rising economic uncertainty weighed on the sentiment. SOFIX (1 071.94, -1.00%) plunged, dragged down by declines in Shelly Group (SLYG, EUR 52.20, -3.33%), First Investment Bank (FIB, BGN 5.04, -2.33%), and Chimimport (CHIM, BGN 0.70, -2.78%). Gradus (GR6, BGN 1.07, +2.88%) provided some support, softening the losses for the broader BGBX40 (193.14, -0.66%) and BGTR30 (946.14, -0.34%). Trading volumes declined sharply,...
- 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
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
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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