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>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

Macroeconomics

<ul><li>Last week, the NGX extended its bullish run, with the ASI rising 2.00% WoW, while the MEP gained 2.12%, outperforming by 12bps.</li><li>Year-to-date, the MEP has gained 5.55%, outpacing the ASI’s 4.98% return by 57bps.</li><li>We attribute the outperformance to gains in PRESCO (+12.11%), MTNN (+3.61%), and WAPCO (+3.94%), where we hold index overweight positions in light of expected strong earnings performance and favourable corporate action.</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 extended its bullish run, with the ASI rising 2.00% WoW, while the MEP gained 2.12%, outperforming by 12bps.Year-to-date, the MEP has gained 5.55%, outpacing the ASI’s 4.98% return by 57bps.We attribute the outperformance to gains in PRESCO (+12.11%), MTNN (+3.61%), and WAPCO (+3.94%), where we hold index overweight positions in light of expected strong earnings performance and favourable corporate action.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:Ep6 - 17-02-25

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MTN Nigeria Communications (MTNN NL)

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

CardinalStone Model Equity Portfolio - S3:Ep6 - 17-02-25

Last week, the NGX extended its bullish run, with the ASI rising 2.00% WoW, while the MEP gained 2.12%, outperforming by 12bps.

CardinalStone

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