Every Monday morning, the Angola X Research Team publishes the Revisao Semanal do Mercado – a structured five-day recap of everything that moved in Angola’s capital markets, monetary-policy landscape, and macro-relevant event calendar. The review is designed for portfolio managers, credit analysts, and corporate treasurers who need a single document to brief their teams on Angolan developments before the new trading week begins.
Structure of the Weekly Review
Each edition follows a standardised seven-section format that allows readers to locate the data they need without reading cover to cover.
Section 1 – Equity Market Summary. This section tabulates closing prices, weekly percentage changes, and cumulative volumes for the five companies listed on the Bolsa de Divida e Valores de Angola (BODIVA). As of the most recent data, BAI trades near Kz 100,500 per share and BFA near Kz 118,000. BODIVA’s equity segment recorded 10,328 transactions across the full 2024 calendar year, a figure the review contextualises against the prior week’s activity. The section flags any corporate announcements – board changes, capital increases, or regulatory filings with the Comissao do Mercado de Capitais (CMC) – that may have influenced price action.
Section 2 – Fixed Income and Bond Auctions. Angola’s domestic bond market is substantially larger than its equity market in both outstanding notional and weekly turnover. The review covers primary-market auction results for Obrigacoes do Tesouro de Taxa Nao Reajustavel (OTNR, fixed-rate treasury bonds) and Obrigacoes do Tesouro Indexadas (OTX, FX-indexed bonds), reporting bid-to-cover ratios, weighted-average yields, and allotted volumes. It also tracks secondary-market pricing shifts, particularly on benchmark 3-year, 5-year, and 10-year tenors. The bond auction calendar provides the forward schedule that feeds into this section.
Section 3 – Foreign Exchange. The kwanza closed the most recent observation window at 914.60 AOA per US dollar on the official Banco Nacional de Angola (BNA) rate. The review reports mid-week intraday ranges, parallel-market spread estimates where available, and any BNA interventions in the interbank FX market. Crude oil prices – Brent most recently near $74.50 per barrel – are cross-referenced here because petroleum export receipts remain the dominant source of dollar supply in Angola.
Section 4 – Monetary Policy and BNA Operations. The BNA’s taxa basica de juro (policy rate) stands at 17.5%. Between formal rate-setting meetings, the central bank manages liquidity through open-market operations including Titulos do Banco Central (TBC) issuance, overnight standing facilities, and reserve-requirement adjustments. The weekly review logs every operation conducted during the prior five days, calculates the effective interbank rate, and assesses whether the stance is tightening or loosening relative to the stated policy corridor.
Section 5 – Macro Data Releases. When new economic data land during the week – an inflation print from the Instituto Nacional de Estatistica (INE), a trade-balance update, or a fiscal execution report from the Ministerio das Financas – the review summarises the headline number, compares it to the prior period and to consensus where available, and interprets the implications. Inflation currently runs at 15.7% year-on-year, and each new monthly reading is a key input to BNA rate-path expectations.
Section 6 – Regulatory and Political Developments. Any legislative changes, CMC circulars, BNA avisos (regulatory notices), or executive decrees with capital-market relevance are flagged here. Angola’s reform trajectory – spanning privatisation execution, tax-code modernisation, and anti-money-laundering compliance – generates a steady stream of regulatory events that can shift sentiment.
Section 7 – Week Ahead Preview. The final section lists scheduled events for the coming five days: bond auctions, data releases, BNA meetings, OPEC+ sessions, IMF staff visits, and corporate reporting deadlines. This look-ahead allows readers to position portfolios or adjust hedges before catalysts arrive.
Data Sources and Quality Control
The review sources data from four primary channels: BODIVA end-of-day settlement files, BNA statistical bulletins, INE releases, and CMC filings. Where official data are delayed or unavailable, the review states the gap explicitly rather than substituting estimates. All price and yield data are timestamped to the source publication, and any revisions to prior-week data are noted in a corrections box at the top of each edition.
Analytical Perspective
Beyond data tables, each section carries a brief analytical paragraph interpreting the week’s developments within the broader macro narrative. For a market of Angola’s size – GDP approximately $115.2 billion, BODIVA market capitalisation near $3.37 billion, sovereign ratings at S&P B- / Moody’s B3 / Fitch B- – weekly moves can appear idiosyncratic without context. The review connects price action to fundamentals, identifies emerging trends, and highlights divergences between Angola and the peer-country set that often inform relative-value trades.
Accessing the Weekly Review
New editions publish every Monday by 09:00 WAT and appear in the Latest Research feed. Premium subscribers receive the full PDF and underlying data workbook; free-tier users can access the summary section and week-ahead calendar. Historical editions are archived and searchable by date, enabling time-series analysis of how specific themes – kwanza depreciation episodes, oil-price shocks, rating actions – evolved week by week.