Sofia bourse blue-chip index falls as Eurohold partially erases gains

Sofia bourse blue-chip index falls as Eurohold partially erases gains

The Bulgarian Stock Exchange blue-chip SOFIX index fell 0.47% to 427.36 points on Tuesday, as financial and insurance group Eurohold Bulgaria erased part of its gains from the previous two trading sessions.

Eurohold Bulgaria led decliners among SOFIX members with a 4.12% share price drop on Tuesday. The company's share price grew 3.66% on Monday, following a 7.19% jump on Friday.

After trading hours last Thursday, Eurohold said it has received approval from the competition regulator to acquire the assets of Czech energy group CEZ in Bulgaria. The 335 million euro deal was initially banned by the Commission for Protection of Competition, but the ban was subsequently lifted by the court earlier this year.

The CEZ assets in the country include majority stake in two BSE-listed companies - CEZ Distribution Bulgaria [BUL:3CZ] and CEZ Electro Bulgaria. CEZ Distribution Bulgaria shares ended 3.25% lower, while CEZ Electro Bulgaria shares gained 0.99%.

Other major decliners among blue-chips included construction company Trace Group Hold and Advance Terrafund REIT, which lost 2.94% and 1.71%, respectively.

The wider BGBX40 index, which tracks the 40 most traded shares on the Sofia bourse, lost 0.49% to 98.12 points, while the BGTR30 index, in which companies with a free float of at least 10% have equal weight, edged up 0.17% to 487.05 points.

The BGREIT index, which tracks seven real estate investment trusts, rose by a slim 0.03% to 134.90 points.

Total daily regulated market trading turnover amounted to 1.2 million levs ($719,000/614,000 euro).

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