Market Overview (1st November– 5th November)

The main Bulgarian index SOFIX increased by 3.41% this week, up to 603.84 points. The broad index BGBX40 increased by 2.25% to 137.87 points. BGREIT increased this trading week to 164.71 points, up by 0.98%.

Corporate News                                                      

CB BULGARIAN AMERICAN CREDIT BANK AD (BACB) reports a 25% net profit growth YoY to BGN 11.4mln. for the first nine months of the year. Household loans have increased by 41% YoY for the same period, driven by strong demand for mortgages. At the end of September, the bank’s assets amount to BGN 2.1mln, representing a growth of 19% YoY. The bank also reports an increase in the number of clients, with the expectation this trend to continue in Q4.

Alcomet AD (ALCM) has released its financial statements for the first 9 months of the year. It reports a 42% growth YoY in the renting revenue up to BGN 375mln. Despite the rising demand for aluminium products on the European market due to the ongoing green transition, the net income is lower by 9.3% YoY to BGN 0.742mln, squeezed by the higher aluminium price. Evidence for the strong demand is the fact that the company have produced 23% more aluminium rolls YoY.

CHIMIMPORT AD (CHIM) records a 24% growth in the net profit YoY for the first 9 months of the year. The net result of operations with financial instruments has decreased from BGN 20mln to 15mln YoY. On the other hand, the net result of operating activities has soared from BGN (2.5mln) to 3mln. The net interest income has also advanced in this period from BGN 1.1mln to 1.4mln.

Economic News                                                       

Bulgaria’s consumer confidence indicator decreased by 10.8 points to -38.2 in the fourth quarter of 2021, amid lower expectations over the next 12 months. Moreover, consumers were more concerned about next year’s unemployment (32.6 vs 19.2) and their inflation expectations over the next year also increased (53.9 vs 42.9). The benchmark interest rate in Bulgaria was last recorded at 0%.

Active COVID-19 cases in Bulgaria are on an increasing trend with a 7-day MA of 4,734 cases. The active cases at the end of the week were 110,551. The total number of fully vaccinated people so far is 1,565 mln, which is 22.53% of the population in Bulgaria.

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