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 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 equities market was upbeat with the NGXASI advancing by 2.15% WoW, taking the market’s YtD performance to 26.58%.</li><li>The MEP, however, remains ahead, delivering returns of 2.46% WoW and 28.50% YtD, outpacing the market by 31bps and 193bps, respectively.</li><li>The MEP’s outperformance last week largely stemmed from our overweight positions in ARADEL (+19.96% WoW), MTNN(+3.95% WoW) and DANGCEM (+4.62% WoW) which cumulatively contributed 211bps 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 equities market was upbeat with the NGXASI advancing by 2.15% WoW, taking the market’s YtD performance to 26.58%.The MEP, however, remains ahead, delivering returns of 2.46% WoW and 28.50% YtD, outpacing the market by 31bps and 193bps, respectively.The MEP’s outperformance last week largely stemmed from our overweight positions in ARADEL (+19.96% WoW), MTNN(+3.95% WoW) and DANGCEM (+4.62% WoW) which cumulatively contributed 211bps 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 - 09 March 2026

<ul><li>Last week, the equities market snapped its three-week bullish streak as the benchmark index slipped 1.11% WoW to settle at 192,826.77 points.</li><li>Similarly, the MEP lost 1.32%, underperforming the ASI by 21bps.</li><li>Nonetheless, YtD the MEP has returned 25.42%, outperforming the ASI’s 23.91% by 150bps</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 equities market snapped its three-week bullish streak as the benchmark index slipped 1.11% WoW to settle at 192,826.77 points.Similarly, the MEP lost 1.32%, underperforming the ASI by 21bps.Nonetheless, YtD the MEP has returned 25.42%, outperforming the ASI’s 23.91% by 150bpsContent 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 - 02 March 2026

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 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 - 09 March 2026

Last week, the local equities market was upbeat with the NGXASI advancing by 2.15% WoW, taking the market’s YtD performance to 26.58%.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 02 March 2026

Last week, the equities market snapped its three-week bullish streak as the benchmark index slipped 1.11% WoW to settle at 192,826.77 points.

CardinalStone

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