Portuguese broker LJ Carregosa expands into Angola and Mozambique

2 December 2005

Lisbon, Portugal, 02 Dec – Portuguese broker LJ Carregosa plans to expand its presence to the markets of Angola and Mozambique in 2006, following its set up in the Brazilian market, the company’s director, Pedro Duarte said Thursday.

The two Portuguese-speaking countries are, together with Eastern Europe, markets that the LG Carregosa sees as priorities in its strategy for foreign expansion in order to overcome the “paucity of the Portuguese market,” Duarte said.

The broker this year expects to post turnover of US$25 billion (21.2 billion euros), 14% more than in 2004.

LJ Carregosa, which began operating in Brazil around two years ago, is the market leader in online bond dealing in Portugal.

Luanda’s stock exchange is due to open in the next few months and to kick start the exchange Angolan authorities are counting on oil companies to open up their capital to private investment.

The Luanda exchange project was launched after Angola’s economic indicators stabilized. In the last few years inflation has fallen from around 300% per year to around 30% currently, while interest rates have fallen from 150% to 25%.

The Maputo stock exchange in Mozambique was set up in 1998 with the help of the Lisbon stock exchange. (macauhub)