Angolan Capital Markets: Trading on the BODIVA in 2025

The Angolan capital market recorded mixed but notable developments in 2025, driven by a combination of government securities trading and a landmark privatization-led IPO. Total trading on the BODIVA amounted to AKZ 5,726,467 million, representing a decline of 5.4% YoY, equivalent to USD 6,279 million. Trading activity remained heavily concentrated in government instruments, particularly treasury notes and repurchase agreements (repos), across both the exchange and OTC markets. Total turnover corresponded to 4.8% of nominal GDP, underscoring the still modest depth of Angola’s financial markets.

In the securities transactions registration market, trading rebounded sharply, with the total value increasing 62.1% YoY to AKZ 1,581,819 million (USD 1,734 million). Treasury notes accounted for 96.9% of transactions, while the number of instruments traded surged nearly sevenfold to 690,946,851 units, reflecting heightened issuance and investor participation. Monthly data indicate that activity was concentrated in July, which accounted for 23.7% of annual value and 41.5% of instruments traded, highlighting the episodic nature of liquidity in this segment.

The Repos market remained dominated by treasury notes, which represented 98.4% of total transactions. Total value traded amounted to AKZ 3,032,499 million (USD 3,325 million), a 30.5% decline from 2024, while transaction volumes nearly doubled. Activity was concentrated in 1Q and 4Q, with January, November, and December recording the highest traded values, and January and December showing the largest volumes. Nearly 58% of annual trading occurred in the second half of the year, reflecting the episodic and highly seasonal character of liquidity in this market.

Trading of treasury instruments on the stock exchange also recovered, reaching AKZ 1,026,338 million (USD 1,125 million), a 43.7% YoY increase. The rebound was driven by a 71.9% rise in treasury notes, which more than offset a 92.7% decline in treasury bills. Trading activity was strongest in 3Q and 4Q, with September standing out as the month with the highest volumes of instruments traded.

The private debt market remained extremely limited, with total trading of only AKZ 639 million (USD 701 thousand), reflecting a modest recovery of 12.6% YoY. Transactions were concentrated exclusively in Sonangol’s 2023–28 bonds, as Standard Bank de Angola bonds were not traded. Trading peaked in the second quarter, highlighting the sporadic nature of corporate debt activity.

The equity market was transformed by the BFA IPO in September 2025, which involved the sale of 29.75% of the bank’s shares as part of the Angolan government’s PROPRIV program. This IPO significantly increased both value and volume traded on the stock exchange, with total trading rising to AKZ 83,649 million (USD 91.7 million), of which over 95% occurred in the fourth quarter. The total number of shares traded across the five listed companies reached 982,304, a fivefold increase from 2024, with BFA alone accounting for 64% of volume and 88.6% of traded value. Other listed companies, including BCGA, BAI, ENSA, and BODIVA, saw strong year-on-year growth, although collectively they represented only about 12% of total value traded. October emerged as the single most active month, with 46.3% of annual shares traded, emphasizing the impact of large privatization-driven transactions on market liquidity.