reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 1 September 2025
The Bulgarian equity market shook off early weakness on Friday to close the week and the month on a positive note. Heavyweight Shelly Group (SLYG, EUR 55.20, -3.83%) pressured the market in early trade, but upbeat financial results lifted sentiment in Sopharma (SFA, BGN 2.65, +5.16%) and Doverie United Holding (DUH, BGN 9.30, +2.42%), helping major indexes reverse course. SOFIX (1 081.60, +0.45%) rose for a second straight session, marking another fresh 18-year high. The real estate sector also ...
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
Morning Bulletin - 6 August 2025
Profit-taking dominated the Bulgarian equity market on Wednesday, sending all major indexes lower in a range from 0.27% to 0.48%. Losses were broad-based with notable declines in Sirma Group (SGH, BGN 1.36, -4.23%), Bulgarian Stock Exchange (BSE, BGN 8.85, -2.21%), Bulgarian Real Estate Fund (BREF, BGN 5.10, -0.97%), and Trace Group (T57, BGN 6.10, -6.15%) weighing on sentiment. Trading activity picked up sharply with daily turnover climbing well above recent averages. Sopharma (SFA, BGN 2.46, +...
- 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
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...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 1 July 2025
A buying interest in Sopharma (SFA, BGN 7.20, +2.86%) and Chimimport (CHIM, BGN 0.715, +2.14%) balanced the negative moves of Shelly (SLYG, EUR 47.90, -2.64%) and Bulgarian Stock Exchange (BSE, BGN 9.10, -2.15%). As a result, SOFIX (1025.22) finished the session unchanged on the first trading day of the week. Monbat (MONB, BGN 2.26, -2.59%), M+S Hydraulic (MSH, BGN 9.60, -3.03%), and Speedy (SPDY, BGN 187.00, -7.43%) weighed on the broad indexes and BGBX40 (188.01, -0.42%) and BGTR30 (937.32, -0...
- 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
Morning Bulletin - 27 June 2025
The real estate sector led Thursday’s gains on the local stock exchange with Advance Terrafund (ATER, BGN 2.95, +2.08%) and Bulgarian Real Estate Fund (BREF, BGN 4.94, +2.07%) acting as key drivers. Their performance supported broad-based growth across all major indexes, which closed higher in a range between 0.46% and 1.35%. SOFIX added 0.53% to reach 1 013.89 points, supported by gains in Shelly Group (SLYG, EUR 49.40, +0.61%). Meanwhile, the broader indexes also advanced: BGBX40 rose 0.46% to...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 26 June 2025
SOFIX (1 008.53) booked 0.43% gain and finished Wednesday’s session on a tick lower from the 16-year high as the widened Bid/Ask spreads allowed the retail to easily lift the prices of Advance Terrafund (ATER, BGN 2.89, +3.21%), Telematic Interactive (TIB, BGN 21.80, +2.59%), Smart Organic (SO, BGN 31.80, +2.58%) and Sirma Group (SGH, BGN 1.45, +2.84%). The broad Indexes BGBX40 (185.77, +0.05%) and BGTR30 (928.95, +0.07%) absorbed the drop of M+S Hydraulic (MSH, BGN 9.35, -5.56%) and Eleven Capi...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 25 June 2025
The Bulgarian equity market traded on a positive note throughout Tuesday’s session and the major indexes settled with gains in range between 0.09% and 0.21% while BGREIT (220.06, -0.21%) was an exception once again, following Advance Terrafund’s (ATER, BGN 2.80) slip by 1.06%. The positive bias came from names like Sirma Group (SGH, BGN 1.41, +2.92%), Eleven Capital (11C, BGN 15.50, +2.65%) and Chimimport (CHIM, BGN 0.71, +3.65%). The volumes remained low compared to 3-month average as the inves...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 16 June - 20 June 2025
The Bulgarian stock market did not manage to find support during the past week and indexes finished the week mainly on the red side, as the benchmark SOFIX (1007.57, +0.1%) was the only one in green. Three index members – Shelly Group (SLYG, EUR 50.20, +5.7%), Wiser (WISR, BGN 5.40, +1.9%) and Sopharma Trading (SFT, BGN 5.80, +0.9%) were on the top of the gainers within our list of selected securities. On the other side, Speedy (SPDY, BGN 190.00, -5.0%) and Alcomet (ALCM, BGN 5.95, -4.8%) lost t...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 19 June 2025
The Bulgarian equity market finished little changed on Wednesday as the buying efforts faded while the sellers did not take any convincing actions too. The major indexes settled with modest gains in range between 0.16% and 0.45% and volumes below than the 3-month average. Telematic Interactive (TIB, BGN 21.60, -2.70%) and Sopharma Properties (SFI, BGN 7.70, -4.70%) pared gains from previous session, while a moderate buying interest in Speedy (SPDY, BGN 200.00, +5.26%) and Shelly Group (SLYG, EUR...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 18 June 2025
Tuesday session was quiet with trading activity mostly on the sell side, though the major indexes shifted higher as the heavy member Shelly Group (SLYG, EUR 49.30, +3.14%) defined the positive outcome for SOFIX (1 005.56, +0.29%) and the broad indexes BGBX40 (186.14, +0.22%) and BGTR30 (931.09, +0.10%). Modest volume trades in widened Bid/Ask spreads with Sirma Group (SGH, BGN 1.41, -2.08%) and Bulgarian Real Estate Fund (BREF, BGN 4.80, -2.04%) placed the names on the top of the laggards list, ...
- 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...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 9 June 2025
SOFIX 1012.91 (+0.64%) grew on the back of Shelly (SLYG, BGN 49.90, +3.74%), Bulgarian Real Estate Fund (BREF, BGN 4.66, +1.30%) and Bulgarian Stock Exchange (BSE, BGN 9.60, +1.05%) on Friday. Negative impact on the main index came from the IT sector, as Sirma Group Holding (SGH, BGN 1.43, -1.38%) and Wiser (WISR, BGN 5.25, -0.94%) slipped without significant daily turnover. SOFIX registered a significant drop in liquidity as more than one third of the overall trading volume came from a single n...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 3 June 2025
For a third consecutive trading session SOFIX (1007.26, +0.79%) gained altitude and crossed the resistant level of 1000. Sirma Group Holding (SGH, BGN 1.54, +5.48%) and Shelly (SLYG, BGN 46.90, +2.96%) flew over the day while the most traded name Sopharma (SFA, BGN 6.76, +0.30%) moved slightly North registering a few block trades. Advance Terrafund (ATER, BGN 2.90, -0.68%) and Bulgarian Stock Exchange (BSE, BGN 9.50, -0.52%) booked negative trading days and slipped with insignificant daily volum...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 2 June 2025
SOFIX (999.39, +0.58%) closed a few ticks away from the psychological level of 1000, something we haven’t witnessed since 2008. The excellent Q1 financial results raised Doverie United Holding (DUH, BGN 9.00, +3.45%) while Sirma Group Holding (SGH, BGN 1.46, +2.10%) jumped on the back of buy-back buying power. Ex-dividend date weighed on Advance Terrafund (ATER, BGN 2.92, -2.01%) while Smart Organic (SO, BGN 31.20, -2.50%) and First Investment Bank (FIB, BGN 5.10, -1.54%) suffered from small spe...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 29 May 2025
SOFIX (987.54, -0.83%) lost altitude as most index members closed in the red zone on Wednesday. Smart Organic (SO, BGN 31,00, -3.13%), Shelly (SLYG, BGN 45,00, -2.17%) and Bulgarian Stock Exchange (BSE, BGN 9.10, -2.15%) suffered from selling pressure and weighed on the main index. Doverie United Holding (DUH, BGN 8.68, +0.23%) was the only SOFIX member that closed positive but registered insignificant daily turnover. BGREIT (219.07, -0.97%) also stepped bаck, reflecting the drop of Sopharma Bui...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 12 May - 16 May 2025
The local stock market gained some steam last week and ended on a positive note, ranging from 0.8% to 3.2%. The benchmark SOFIX added 3.2% to settle at 956.86, strongly supported by the renewed buying interest in high-tech blue chip Shelly Group (SLYG, EUR 42.80, +17.3%). The share became the weekly top gainer within our list of selected companies, followed by the less interesting Industrial Capital Holding (HIKA, BGN 2.56, +4.9%) and Monbat (MONB, BGN 2.60, +4.0%). On the other side, Speedy (SP...
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