Sofix Breaks 1000
After nearly 17 years, Bulgaria's main stock index SOFIX surpassed 1000 points on June 2, driven by optimism around tariff cuts and rising European investments. The last time the index reached four digits was in September 2008. The performance has exceeded analysts' forecasts, with earlier predictions placing SOFIX at around 960 points by the end of 2025. In May alone, the index jumped over 11%, led by strong gains in companies like Shelly, Sopharma, and Sirma Group.
Shelly's stock soared by more than 40%, bringing its market cap close to 850 million euros, potentially becoming Bulgaria's first unicorn in euros. Sirma also gained over 40% after announcing plans to list in Frankfurt and initiating a share buyback.
Mounting Maritsa losses
State-owned company Mini Maritsa Iztok reported a massive loss of 270 million levs for 2024, double the loss from the previous year. Despite receiving significant government support through loans from the Bulgarian Energy Holding and 1 billion levs allocated for land reclamation, the company's financial condition remains dire. Only 200 million levs of this aid has been transferred so far, with the rest expected shortly. The funds are intended for preparing and reclaiming mining sites, but part may also cover salaries, which exceed 32 million levs per month.
The company's wage costs alone outpace its total revenue, which stood at 381 million levs. Its inability to streamline operations amid reduced activity and dependency on nearby power plants raises concerns about long-term sustainability.
Strandzha tea protected
Strandzha herbal tea has received EU Protected Designation of Origin (PDO) status, recognizing its unique link to the Strandzha mountain region in southeastern Bulgaria. Only tea harvested in this area can bear the name. Known for its distinct aroma of mint, linden blossom, and dried fruits, the tea boasts high antioxidant content. It is traditionally hand-picked and grown in limestone-rich soils, under specific climatic conditions like sea breezes and strong sunlight.
The tea is made from the Sideritis plant and must be cultivated on carefully selected plots within five designated municipalities. The PDO label is expected to protect the tea from imitations, boost its market appeal, and support local producers.
Sofix Breaks 1000
After nearly 17 years, Bulgaria's main stock index SOFIX surpassed 1000 points on June 2, driven by optimism around tariff cuts and rising European investments. The last time the index reached four digits was in September 2008. The performance has exceeded analysts' forecasts, with earlier predictions placing SOFIX at around 960 points by the end of 2025. In May alone, the index jumped over 11%, led by strong gains in companies like Shelly, Sopharma, and Sirma Group.
