Angolan Capital Markets: Trading on the BODIVA

We provide in this research note a detailed analysis of the trading figures provided by the BODIVA for the period 2023-24 in each of its regulated markets. This includes trading of treasury instruments, private bonds, and shares in the stock exchange market as well as trading in the securities transactions registration market and repurchase agreements through the Over-the-Counter (OTC) market. We also provide the latest disclosed figures for the first quarter of 2025.

Overall, the total amount traded on the BODIVA fell 20.9% YoY to AKZ 6,055,665 million in 2024. This is equivalent to US$ 6,962 million at the average US$/AKZ exchange rate of 869.9 for the year. It also represents about 7.5% of GDP, which is below the 12.2% of GDP recorded in 2023. Most of the amount traded on the Angolan exchange continued to be done through the OTC market, with this representing 88.1% of the total (vs. 87.7% in 2023).

The latest figures showed that the total amount traded on the BODIVA increased 7.5% YoY in the first quarter of 2025. This positive performance reflects a sharp increase in the amount traded in the stock exchange market (+107.9% YoY), as trading done through the OTC market remained roughly unchanged from the previous year (+0.2% YoY). We highlight the sharp increase in the amount of treasury instruments traded (+107.3% YoY) and the surge in trading of shares (+623.7% YoY). The latter was largely thanks to the contribution from trading of shares in ENSA and BODIVA after these were admitted on the Angolan exchange at the end of 2024. We also note that the amount of BCGA shares traded in the period increased sevenfold in the first three months of this year.

Other data showed that the total volume/number of instruments traded on the Angolan market exchange surged in 2024. This performance was due to the significantly higher trading volume of Repos and treasury instruments (16x and 7x higher than in 2023, respectively) and, to a lower extent, also securities transactions registration (+161.5% YoY). Trading volume was markedly stronger in the second half of 2024, particularly in terms of the trading of treasury instruments. 

BODIVA is poised for significant growth, with several major companies expected to go public in the next couple of years. This is part of the Angolan government’s broader privatization process (PROPRIV), which aims to enhance economic productivity and attract private investment in the country. Stakes in Unitel, BFA and Standard Bank Angola are expected to go public in mid-2025. Unitel is Angola’s leading telecoms provider while BFA is one of the country’s largest banks. Stakes in Sonangol (the national oil company) and in Endiama (the state-owned diamond company) are slated for an IPO in 2026. With these listings, BODIVA is expected to see the number of listed companies increase from the current four to nine in the next couple of years, marking a significant expansion in Angola’s capital markets.