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 bears sustained their grip on the local bourse as the benchmark index shed 0.55%, while the MEP lost 0.60%, underperforming the market by 5bps.</li><li>Year to date, the MEP posts a return of 3.54%, outpacing the ASI’s 2.94% return by 59bps.</li><li>The MEP underperformed last week, primarily due to our overweight positions in MTNN (-4.22% WoW) and UBA (-3.56% 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 bears sustained their grip on the local bourse as the benchmark index shed 0.55%, while the MEP lost 0.60%, underperforming the market by 5bps.Year to date, the MEP posts a return of 3.54%, outpacing the ASI’s 2.94% return by 59bps.The MEP underperformed last week, primarily due to our overweight positions in MTNN (-4.22% WoW) and UBA (-3.56% 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 Model Equity Portfolio - S3:Ep10 - 17-03-25

Thematic (Sector/Industry)

<ul><li>The global fixed-income market experienced notable shifts in February, driven by monetary policy adjustments, geopolitical tensions, and growth concerns.</li><li>Bond yields declined across major economies, closely tracking movements in U.S. Treasuries.</li><li>The 10-year Treasury yield fell to 4.2%, its lowest level since early December 2024, marking a reversal from the initial bearish reaction in January.</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 global fixed-income market experienced notable shifts in February, driven by monetary policy adjustments, geopolitical tensions, and growth concerns.Bond yields declined across major economies, closely tracking movements in U.S. Treasuries.The 10-year Treasury yield fell to 4.2%, its lowest level since early December 2024, marking a reversal from the initial bearish reaction in January.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.

<ul><li>Last week, the NGX snapped its bullish streak, with the ASI losing 0.62% WoW, while the MEP lost 0.58%, outperforming by 4bps.</li><li>Year-to-date, the MEP has gained 5.13%, outpacing the ASI’s 4.76% return by 37bps.</li><li>The MEP’s strong performance this week was largely driven by the absence of INTBREW (-7.02% WoW) and FBNH (-4.56% WoW) from the portfolio.</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 NGX snapped its bullish streak, with the ASI losing 0.62% WoW, while the MEP lost 0.58%, outperforming by 4bps.Year-to-date, the MEP has gained 5.13%, outpacing the ASI’s 4.76% return by 37bps.The MEP’s strong performance this week was largely driven by the absence of INTBREW (-7.02% WoW) and FBNH (-4.56% WoW) from the portfolio.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:Ep8 - 03-03-25

<ul><li>The domestic economy had an impressive outing in 2024, with the GDP expanding by 3.4% vs. 2.7% in 2023.</li><li>The material improvement was not surprising, as high-frequency data from the CBN—the Business Expectation Survey (BES) and the Purchaser's Manager Index (PMI)—already indicated that the economy was on an upward trajectory.</li><li>After a prolonged downturn in the oil sector, marked by a four-year slump into recession, the industry began to recover in 2024. </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 domestic economy had an impressive outing in 2024, with the GDP expanding by 3.4% vs. 2.7% in 2023.The material improvement was not surprising, as high-frequency data from the CBN—the Business Expectation Survey (BES) and the Purchaser's Manager Index (PMI)—already indicated that the economy was on an upward trajectory.After a prolonged downturn in the oil sector, marked by a four-year slump into recession, the industry began to recover in 2024. 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.

<ul><li>Last week, the bulls dominated the bourse as the benchmark index appreciated by 41bps, while the MEP appreciated by 18bps, underperforming the market by 24bps.</li><li>Year to date, the MEP has returned 5.74%, while the NGX-ASI has returned 5.41%, outperforming by 32bps</li><li>The MEP's underperformance was largely driven by its overweight position in OANDO (-15.71% WoW) and a strong underweight position in DANGSUGAR (+15.00% 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 bulls dominated the bourse as the benchmark index appreciated by 41bps, while the MEP appreciated by 18bps, underperforming the market by 24bps.Year to date, the MEP has returned 5.74%, while the NGX-ASI has returned 5.41%, outperforming by 32bpsThe MEP's underperformance was largely driven by its overweight position in OANDO (-15.71% WoW) and a strong underweight position in DANGSUGAR (+15.00% 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 Model Equity Portfolio - S3:Ep7 - 24-02-25

Nigeria

Hbm Nigeria PLC provides cement products and solutions. The Company offers concrete, aggregates, admixture, store fronts, and other relates products, as well as building and construction materials for landmark projects. Hbm Nigeria serves customers in Nigeria and South Africa.

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Hbm Nigeria (HBMNG NL)

CardinalStone Model Equity Portfolio - S3:Ep10 - 17-03-25

Last week, the bears sustained their grip on the local bourse as the benchmark index shed 0.55%, while the MEP lost 0.60%, underperforming the...

CardinalStone

Monthly Fixed Income - February 2025

The global fixed-income market experienced notable shifts in February, driven by monetary policy adjustments, geopolitical tensions, and growth...

CardinalStone

CardinalStone Model Equity Portfolio - S3:Ep8 - 03-03-25

Last week, the NGX snapped its bullish streak, with the ASI losing 0.62% WoW, while the MEP lost 0.58%, outperforming by 4bps.

CardinalStone

CardinalStone Research - GDP Q4 2024

The material improvement was not surprising, as high-frequency data from the CBN—the Business Expectation Survey (BES) and the Purchaser's Manager...

CardinalStone

CardinalStone Model Equity Portfolio - S3:Ep7 - 24-02-25

Last week, the bulls dominated the bourse as the benchmark index appreciated by 41bps, while the MEP appreciated by 18bps, underperforming the...

CardinalStone

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