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.

Macroeconomics

<ul><li>Last week, the local bourse extended its bearish run as the benchmark index fell by 2.51% WoW.</li><li>Meanwhile, the MEP declined by 2.28% WoW, outperforming the benchmark index by 22bps.</li><li>On a year-to-date basis, the MEP has gained 39.71%, ahead of the ASI’s 37.00% return.</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 extended its bearish run as the benchmark index fell by 2.51% WoW.Meanwhile, the MEP declined by 2.28% WoW, outperforming the benchmark index by 22bps.On a year-to-date basis, the MEP has gained 39.71%, ahead of the ASI’s 37.00% return.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 - 25 Aug 2025

Thematic (Sector/Industry)

<ul><li>The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points.</li><li>In comparison, the MEP lost 79 bps WoW, underperforming the benchmark index by 2 bps.</li><li>The MEP YtD return moderated to 42.98%, but still maintained its lead over the ASI's 40.52% return by 246 bps</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.

The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points.In comparison, the MEP lost 79 bps WoW, underperforming the benchmark index by 2 bps.The MEP YtD return moderated to 42.98%, but still maintained its lead over the ASI's 40.52% return by 246 bpsContent 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 - 18 Aug 2025

<ul><li>The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points.</li><li>In comparison, the MEP gained 2.20% WoW, underperforming the benchmark index by 0.98%.</li><li>Albeit, the MEP’s YtD return improved to 44.11%, maintaining its lead over the ASI’s YtD return of 41.61% by 250bps.</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.

The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points.In comparison, the MEP gained 2.20% WoW, underperforming the benchmark index by 0.98%.Albeit, the MEP’s YtD return improved to 44.11%, maintaining its lead over the ASI’s YtD return of 41.61% by 250bps.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 Model Equity Portfolio - S3:Ep31 - 11-08-25

<ul><li>Last week, the local equities advanced by 2.18% WoW to close at 134,452.93 points.</li><li>In comparison, the MEP gained 1.97% WoW, trailing the benchmark index by 21bps.</li><li>Nonetheless, the MEP’s YtD return improved to 31.60%, sustaining its lead over the ASI’s YtD return of 30.63%.</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 equities advanced by 2.18% WoW to close at 134,452.93 points.In comparison, the MEP gained 1.97% WoW, trailing the benchmark index by 21bps.Nonetheless, the MEP’s YtD return improved to 31.60%, sustaining its lead over the ASI’s YtD return of 30.63%.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 Model Equity Portfolio - S3:Ep29 - 28-07-25

<ul><li>Last week, the benchmark—NGXASI advanced by 4.31%WoW to close at 131,585.66 points.</li><li>In comparison, the MEP gained 3.88% WoW, trailing the benchmark index by 43bps.</li><li>Nonetheless, the MEP’s YtD return improved to 29.06%, sustaining its lead over the ASI’s YtD return of 27.84%.</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 benchmark—NGXASI advanced by 4.31%WoW to close at 131,585.66 points.In comparison, the MEP gained 3.88% WoW, trailing the benchmark index by 43bps.Nonetheless, the MEP’s YtD return improved to 29.06%, sustaining its lead over the ASI’s YtD return of 27.84%.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 - 21 July 2025

Nigeria

FCMB Group Plc provides financial services including micro-lending, asset management, stock-broking, trusteeship and custodial services, foreign exchange, personal banking, corporate and commercial banking, investment banking and transaction banking products delivering cash, trade and liquidity management solutions to entities.

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FCMB Group (FCMB NL)

CardinalStone Research - Model Equity Portfolio - 25 Aug 2025

Last week, the local bourse extended its bearish run as the benchmark index fell by 2.51% WoW. Meanwhile, the MEP declined by 2.28% WoW,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 18 Aug 2025

The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points. In comparison, the MEP lost 79...

CardinalStone

CardinalStone Model Equity Portfolio - S3:Ep31 - 11-08-25

The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points. In comparison, the MEP gained 2.20% WoW...

CardinalStone

CardinalStone Model Equity Portfolio - S3:Ep29 - 28-07-25

Last week, the local equities advanced by 2.18% WoW to close at 134,452.93 points. In comparison, the MEP gained 1.97% WoW, trailing the benchmark...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 21 July 2025

Last week, the benchmark—NGXASI advanced by 4.31%WoW to close at 131,585.66 points. In comparison, the MEP gained 3.88% WoW, trailing the benchmark...

CardinalStone

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