Subsidiaries of Angola's state-run oil and diamond firms are likely be among the firms listed when a new stock exchange is unveiled in Luanda next year.

Investors in emerging markets have expressed interest in taking equity stakes in Sonangol, which oversees Angola's oil sector, and Endiama, the government-run diamond venture.

The two companies with a lot of cash and government’s backing, are among the up to 10 firms initially expected to list on the new bourse.

Angola's government said the new stock market will modernise the country's investment sector, making it easier for local companies to tap funds from overseas. It will compete for investors with the continent's top three stock markets in South Africa, Kenya and Nigeria.

Angola, which rivals Nigeria as sub-Saharan Africa's biggest oil producer and is the world's fifth-biggest diamond exporter, is hoping the stock market will also help diversify its economy, one of the fastest-growing in the world.

Oil makes up more than 80% of exports, but there is growing interest in the country’s agriculture, banking and construction sectors.