External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

Thematic (Sector/Industry)

<ul><li>Last week, the NGXASI sustained its bullish momentum, gaining 1.03% WoW to settle at 203,770.42 points.</li><li>In comparison, the MEP gained 1.73% WoW, outperforming the ASI by 71bps. Subsequently, the MEP has returned 34.56% YtD, leading the ASI by 3.61% to settle at 30.95% YtD.</li><li>The MEP’s positive performance was largely driven by our overweight position in GTCO (+10.66% WoW), ZENITH (+8.74% WoW), WAPCO (+6.00% WoW), and SEPLAT (+4.95% WoW). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the NGXASI sustained its bullish momentum, gaining 1.03% WoW to settle at 203,770.42 points.In comparison, the MEP gained 1.73% WoW, outperforming the ASI by 71bps. Subsequently, the MEP has returned 34.56% YtD, leading the ASI by 3.61% to settle at 30.95% YtD.The MEP’s positive performance was largely driven by our overweight position in GTCO (+10.66% WoW), ZENITH (+8.74% WoW), WAPCO (+6.00% WoW), and SEPLAT (+4.95% WoW). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio - 13 April 2026

<ul><li>Last week, the NGXASI rebounded, gaining 0.39% WoW to settle at 201,698.89 points. In comparison, the MEP gained 0.67% WoW, outperforming the ASI by 27bps.</li><li>On a YtD basis, the MEP’s return of 32.27% continues to outpace the ASI’s 29.62% return by 265bps</li><li>The MEP’s positive performance could be largely attributed to price upticks in MTNN (+5.85% WoW) and GTCO (+5.08% WoW), where we hold overweight positions. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the NGXASI rebounded, gaining 0.39% WoW to settle at 201,698.89 points. In comparison, the MEP gained 0.67% WoW, outperforming the ASI by 27bps.On a YtD basis, the MEP’s return of 32.27% continues to outpace the ASI’s 29.62% return by 265bpsThe MEP’s positive performance could be largely attributed to price upticks in MTNN (+5.85% WoW) and GTCO (+5.08% WoW), where we hold overweight positions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio -  07 April 2026

<ul><li>Last week, the NGXASI snapped its bullish streak, losing 0.12% WoW to settle at 200,913.06 points.</li><li>In comparison, the MEP lost 0.26% WoW, underperforming the ASI by 14bps. However, on a Year-to-date basis, the MEP has returned 31.39%, outperforming the ASI’s 29.11% by 228 bps.</li><li>The MEP’s negative performance last week is attributed to the profit taking observed in ZENITHBANK (-6.36% WoW) and MTNN (-5.28% WoW) where we hold strongly overweight and overweight positions, respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the NGXASI snapped its bullish streak, losing 0.12% WoW to settle at 200,913.06 points.In comparison, the MEP lost 0.26% WoW, underperforming the ASI by 14bps. However, on a Year-to-date basis, the MEP has returned 31.39%, outperforming the ASI’s 29.11% by 228 bps.The MEP’s negative performance last week is attributed to the profit taking observed in ZENITHBANK (-6.36% WoW) and MTNN (-5.28% WoW) where we hold strongly overweight and overweight positions, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio - 30 March 2025

<ul><li>In the holiday-shortened week, the bulls dominated the bourse as the benchmark index gained 1.39%.</li><li>Similarly, the MEP gained 1.76% during the week, outperforming the index by 37bps.</li><li>Meanwhile, on a year-todate basis, the MEP has returned 31.74%, 247bps ahead of the NGX-ASI return of 29.27%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In the holiday-shortened week, the bulls dominated the bourse as the benchmark index gained 1.39%.Similarly, the MEP gained 1.76% during the week, outperforming the index by 37bps.Meanwhile, on a year-todate basis, the MEP has returned 31.74%, 247bps ahead of the NGX-ASI return of 29.27%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio - 23 March 2025

<ul><li>Last week, the local bourse maintained its positive performance with the benchmark, NGXASI, advancing by 0.73% WoW, taking the market’s YtD return to 27.50%.</li><li>The MEP, however, remains ahead, delivering returns of 0.75% WoW and 29.46% YtD, outpacing the market by 2bps and 196bps, respectively.</li><li>The MEP’s outperformance last week was driven by our overweight positions in ARADEL (+3.05% WoW) and INTBREW (+9.93% WoW), which cumulatively contributed 37bps to the portfolio’s performance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the local bourse maintained its positive performance with the benchmark, NGXASI, advancing by 0.73% WoW, taking the market’s YtD return to 27.50%.The MEP, however, remains ahead, delivering returns of 0.75% WoW and 29.46% YtD, outpacing the market by 2bps and 196bps, respectively.The MEP’s outperformance last week was driven by our overweight positions in ARADEL (+3.05% WoW) and INTBREW (+9.93% WoW), which cumulatively contributed 37bps to the portfolio’s performance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio -  16 March 2025

United Kingdom

Airtel Africa Plc provides telecommunications and mobile money services across 14 countries in Africa, primarily in East, Central, and West Africa. The company offers a range of services including prepaid and postpaid wireless voice, 2G, 3G, 4G, and 5G data services, mobile money, international roaming, and fixed-line telephony. It is headquartered in London, England, and was founded on June 8, 2010.

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Airtel Africa (AAF LN)

CardinalStone Research - Model Equity Portfolio - 13 April 2026

The MEP’s positive performance was largely driven by our overweight position in GTCO (+10.66% WoW), ZENITH (+8.74% WoW), WAPCO (+6.00% WoW), and...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 07 April 2026

Last week, the NGXASI rebounded, gaining 0.39% WoW to settle at 201,698.89 points. In comparison, the MEP gained 0.67% WoW, outperforming the ASI...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 30 March 2025

In comparison, the MEP lost 0.26% WoW, underperforming the ASI by 14bps. However, on a Year-to-date basis, the MEP has returned 31.39%,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 23 March 2025

In the holiday-shortened week, the bulls dominated the bourse as the benchmark index gained 1.39%. Similarly, the MEP gained 1.76% during the week,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 16 March 2025

Last week, the local bourse maintained its positive performance with the benchmark, NGXASI, advancing by 0.73% WoW, taking the market’s YtD return...

CardinalStone

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