Capital Markets Glossary
Essential terminology for understanding Angola’s capital markets, trading mechanics, and market infrastructure. For regulatory-specific terms, see the regulatory glossary.
A-B
- Assembleia Geral: General assembly of shareholders; the highest corporate decision-making body for listed companies
- Aviso: Regulatory notice issued by the BNA; a binding regulatory instrument. See FX regulation
- BFA: Banco de Fomento Angola. Listed on BODIVA at Kz 118,000. See BFA profile
- BAI: Banco Angolano de Investimentos. Listed on BODIVA at Kz 100,500. See BAI profile
- BCGA: Banco Caixa Geral Angola. Listed on BODIVA at Kz 24,000. See BCGA profile
- Bilhete do Tesouro (BT): Treasury bill issued by the Angolan government; short-term debt instrument (typically 91-364 days)
- BODIVA: Bolsa de Divida e Valores de Angola. Angola’s securities exchange, also listed as a company at Kz 55,500. See BODIVA profile
- Book Building: The process of determining the price of a new security offering by collecting investor indications of interest
C-D
- CEVAMA: Central de Valores Mobiliarios de Angola. Angola’s central securities depository, operated by BODIVA
- CMC: Comissao do Mercado de Capitais. Angola’s capital markets regulator
- Conselho de Administracao: Board of directors of a listed company
- Conta de Investimento de Nao-Residente: Non-resident investment account under Aviso 15/19
- Corretor: Licensed broker authorized to execute trades on BODIVA
- Cotacao: Quoted price of a security on BODIVA
E-F
- ENSA: Empresa Nacional de Seguros de Angola. Listed on BODIVA at Kz 18,000. See ENSA profile
- Facto Relevante: Material fact requiring immediate public disclosure by a listed company
- Free Float: The proportion of a listed company’s shares available for public trading
I-L
- IAC: Imposto sobre a Aplicacao de Capitais. Tax on investment income at rates of 10-15%. See tax regulation
- Liquidacao: Settlement of securities transactions (T+3 on BODIVA)
- Lote: Lot size; the minimum trading unit on BODIVA
M-O
- Market Cap: Market capitalization. Total BODIVA equity market cap is approximately $3.37 billion
- Negociador: Licensed dealer authorized to trade securities on its own account
- Obrigacao do Tesouro (OT): Treasury bond issued by the Angolan government; medium to long-term debt
- Oferta Publica: Public offering of securities, requiring CMC prospectus approval
- Ordem: Trading order submitted through a licensed broker on BODIVA
- OTX: Exchange-traded treasury bonds listed on BODIVA
P-S
- Preco de Referencia: Reference price; the benchmark price used by BODIVA for price variation limits
- PROPRIV: Angola’s privatization program, under which state assets are listed on BODIVA
- Sessao de Bolsa: Trading session; BODIVA’s regular market hours
- SGOIC: Licensed fund management company. See fund management regulation
- SPTR: Sistema de Pagamentos em Tempo Real; Angola’s real-time gross settlement system
T-Z
- T+3: Trade date plus three business days; BODIVA’s standard settlement cycle
- Valor Mobiliario: Security; any transferable financial instrument traded on a regulated market
- Volume: Number of shares or face value of bonds traded in a given period. BODIVA recorded 10,328 equity transactions in 2024