reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 January 2026
The positive sentiment on the Bulgarian Stock Exchange weakened on Thursday, pushing all major indexes into negative territory, with SOFIX (1 385.46, -1.40%) recording the steepest decline. Doverie (DUH, EUR 7.10, -8.51%) came under pronounced selling pressure, followed by Smart Organic (SO, EUR 17.20, -3.37%), Central Cooperative Bank (CCB, EUR 1.84, -3.16%), and Chimimport (CHIM, EUR 0.58, -3.33%), though trading volumes across these names remained subdued. A sharp advance in Sopharma Trading ...
- 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 - 23 December 2025
Monday marked the final trading session of the year with BGN as the settlement currency. All major indexes closed in positive territory with solid gains, led by the broad BGBX40 (203.81, +0.98%). Sofia Commerce (SCOM, BGN 5.70, +11.76%), Speedy (SPDY, BGN 192.00, +6.67%), and Bravo Properties (BPF, BGN 1.03, +5.10%) topped the gainers’ list, although advances were achieved on low volumes and within widened bid/ask spreads. Investor focus remained on Sirma Group (SGH, BGN 1.89, +1.61%), which con...
- 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 - 18 December 2025
The Bulgarian stock market closed in positive territory on Wednesday, as investor activity continued to improve toward the end of both the month and the year. SOFIX gained 0.34%, finishing the session at 1 138.81 points. The advance was driven primarily by increased interest in Elana Agrocredit (EAC, BGN 1.08, +2.86%), as well as continued strong trading in Sopharma (SFA, BGN 2.89, +1.40%), which has been among the most actively traded shares in recent weeks. Additional support for the index cam...
Morning Bulletin - 17 December 2025
The Bulgarian equity market retreated within a narrow range, with weakness concentrated among recent gainers, pushing SOFIX (1 134.96, -0.19%) into negative territory. Wiser Technologies (WISR, BGN 4.80, -2.04%) and First Investment Bank (FIB, BGN 5.72, -1.72%) led the declines within the benchmark. In contrast, the broader indexes edged higher, with BGBX40 (200.94, +0.07%) and BGTR30 (979.99, +0.02%) benefiting from low-volume advances in Sofia Commerce (SCOM, BGN 5.00, +9.17%) and Hydraulic El...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 16 December 2025
The Bulgarian equity market retreated within a narrow range, with weakness concentrated among recent gainers, pushing SOFIX (1 134.96, -0.19%) into negative territory. Wiser Technologies (WISR, BGN 4.80, -2.04%) and First Investment Bank (FIB, BGN 5.72, -1.72%) led the declines within the benchmark. In contrast, the broader indexes edged higher, with BGBX40 (200.94, +0.07%) and BGTR30 (979.99, +0.02%) benefiting from low-volume advances in Sofia Commerce (SCOM, BGN 5.00, +9.17%) and Hydraulic El...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 5 December 2025
All major indexes on the Bulgarian Stock Exchange advanced on Thursday, reflecting renewed buying interest following fresh corporate updates and strong financial results. The upcoming transition from BGN to EUR remained in focus, prompting investors more frequently to “halve” prices to gauge their euro-equivalent levels. SOFIX (1 095.44, +0.67%) led the advance with a fresh 18-year high, supported once again by the continued surge in Doverie (DUH, BGN 10.60, +6.21%), whose standalone strength ha...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 3 December 2025
The broad indexes BGBX40 (195.46, +0.16%) and BGTR30 (951.52, +0.14%) captured modest gains as retail investors reacted positively to the latest financial results from Telelink Business Services (TBS, BGN 9.85), easily pushing the stock up 16.38% amid a thin sell-side order book. SOFIX (1 089.49) finished unchanged, as choppy price action in Bulgarian Stock Exchange (BSE, BGN 11.50, -3.36%) and Central Cooperative Bank (CCB, BGN 1.75, +2.94%) offset each other, allowing the benchmark to confirm ...
- 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
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
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 - 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 - 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 - 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
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 - 24 September 2025
The Bulgarian equities opened the shorter week on firmer footing, supported by broad-based buying. All major indexes gained between 0.13% and 0.47%, with advancers outnumbering decliners by a 7-to-5 margin. SOFIX was boosted by Bulgarian Stock Exchange (BSE, BGN 9.85, +3.14%), alongside strength in Elana Agrocredit (EAC, BGN 1.06, +1.92%), which rejoined the index, and Advance Terrafund (ATER, BGN 2.96, +1.37%). Additional gains in Stara Planina Hold (SPH, BGN 10.10, +3.06%) and Speedy (SPDY, BG...
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