The market continued to decline in tight range but the volumes slightly improved as compared to the previous session. This is a negative signal for the short-term market trend, but we don’t expect that selling pressure will intensify. Industrial Holding Bulgaria (4ID: 1.40; – 0.02%) set up large part of the overall turnover after two deals at BGN 1.40. The rights for the capital increase of the holding (4IDA: 0.005; -16.67%) will be trade until May 04. Their price continues to fell but the price of the new share will be BGN 1.42 so far. Part of the banking sector tried to support the main index but the positions in red predominated. Bulgarian-American Credit Bank (5BN: 15.30; +2.68%) improved as well as First Investment Bank (5F4: 2.40; +1.05%). 5BN was traded in insignificant volumes but the large spread between bid and ask allow large volatility.
Regional Markets Regional markets turned green, although several indices closed with minor losses. Bulgarian stocks did not underperformed on daily basis but continued to test its recent lows, whereas all emerging markets in Europe are probing their highs.
Corporate news Sopharma Sopharma’s (3JR: 4.05; -0.59%) non-consolidated net profit for the 1Q improved by 34.7% on yearly basis to BGN 12.7 million. This is the best quarter for the company. The sales increased by 18% to BGN 51.6 million y-o-y. The export improved by 32% as compared to the same period last year, whereas sales on the domestic market stayed almost unchanged. The position was under pressure on Thursday, despite the positive results following the overall market bias.
Source: Balkans.com
