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 domestic bourse extended its decline, with the benchmark NGX-ASI falling 1.68% WoW to close at 147,013.59 points.</li><li>Similarly, the MEP retreated by 1.86%, underperforming the benchmark index by 18bps.</li><li>Nevertheless, on a year-to-date basis, the MEP remains ahead, returning 45.75% compared to the NGX ASI’s 42.83%, representing an outperformance of 292bps.</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 domestic bourse extended its decline, with the benchmark NGX-ASI falling 1.68% WoW to close at 147,013.59 points.Similarly, the MEP retreated by 1.86%, underperforming the benchmark index by 18bps.Nevertheless, on a year-to-date basis, the MEP remains ahead, returning 45.75% compared to the NGX ASI’s 42.83%, representing an outperformance of 292bps.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 - 17 November 2025

<ul><li>Last week, the local bourse continued its bearish momentum as the benchmark index depreciated by 2.99% WoW.</li><li>In a similar fashion, the MEP declined by 2.83%, slightly outperforming the market by 0.15%.</li><li>Year-to-date, the MEP has returned 48.21%, while the NGX-ASI has returned 45.27%, outperforming by 3.24%.</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 continued its bearish momentum as the benchmark index depreciated by 2.99% WoW.In a similar fashion, the MEP declined by 2.83%, slightly outperforming the market by 0.15%.Year-to-date, the MEP has returned 48.21%, while the NGX-ASI has returned 45.27%, outperforming by 3.24%.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 - 10 November 2025

<ul><li>Last week, the local bourse snapped its eight-week winning streak, with the benchmark index slipping 98bps WoW to settle at 154,126.45 points.</li><li>Following suit, the MEP also declined, albeit slower at 95bps WoW, outperforming by a marginal 2bps.</li><li>YtD, the MEP’s return of 52.85% maintains its lead over the benchmark index’s 49.74% by 310bps</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 snapped its eight-week winning streak, with the benchmark index slipping 98bps WoW to settle at 154,126.45 points.Following suit, the MEP also declined, albeit slower at 95bps WoW, outperforming by a marginal 2bps.YtD, the MEP’s return of 52.85% maintains its lead over the benchmark index’s 49.74% by 310bpsContent 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 -  03 November 2025

<ul><li>Last week, the local bourse advanced by 4.48% WoW, with the NGX ASI reaching 155,645.05 points. In tandem, the Model Equity Portfolio (MEP) gained 4.56% WoW, outperforming the NGXASI by 8bps.</li><li>Year-to-date, the MEP remains ahead with a 54.31% return, maintaining a 3.09ppt lead over the benchmark index’s return of 51.22%.</li><li>The MEP’s outperformance primarily stemmed from our overweight position in DANGCEM (+10.83% WoW) and MTNN (+8.56% WoW), which cumulatively boosted the MEP by 246bps and masked the loss from our overweight position in ZENITHBANK (-1.47% 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 local bourse advanced by 4.48% WoW, with the NGX ASI reaching 155,645.05 points. In tandem, the Model Equity Portfolio (MEP) gained 4.56% WoW, outperforming the NGXASI by 8bps.Year-to-date, the MEP remains ahead with a 54.31% return, maintaining a 3.09ppt lead over the benchmark index’s return of 51.22%.The MEP’s outperformance primarily stemmed from our overweight position in DANGCEM (+10.83% WoW) and MTNN (+8.56% WoW), which cumulatively boosted the MEP by 246bps and masked the loss from our overweight position in ZENITHBANK (-1.47% 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 - 27 October 2025

<ul><li>The local bourse closed the week on a strong note, advancing by 1.35% WoW to 148,977.64 points.</li><li>In tandem, the Model Equity Portfolio (MEP) gained 1.43% WoW, outperforming the NGXASI by 8bps.</li><li>Year-to-date, the MEP remains ahead with a 47.59% return, maintaining a 2.85ppt lead over the benchmark index’s 44.74%</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 closed the week on a strong note, advancing by 1.35% WoW to 148,977.64 points.In tandem, the Model Equity Portfolio (MEP) gained 1.43% WoW, outperforming the NGXASI by 8bps.Year-to-date, the MEP remains ahead with a 47.59% return, maintaining a 2.85ppt lead over the benchmark index’s 44.74%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 -  20 October 2025

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MTN Nigeria Communications (MTNN NL)

CardinalStone Research - Model Equity Portfolio - 17 November 2025

Last week, the domestic bourse extended its decline, with the benchmark NGX-ASI falling 1.68% WoW to close at 147,013.59 points.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 10 November 2025

Last week, the local bourse continued its bearish momentum as the benchmark index depreciated by 2.99% WoW. In a similar fashion, the MEP declined...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 03 November 2025

Last week, the local bourse snapped its eight-week winning streak, with the benchmark index slipping 98bps WoW to settle at 154,126.45 points.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 27 October 2025

Year-to-date, the MEP remains ahead with a 54.31% return, maintaining a 3.09ppt lead over the benchmark index’s return of 51.22%.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 20 October 2025

The local bourse closed the week on a strong note, advancing by 1.35% WoW to 148,977.64 points. In tandem, the Model Equity Portfolio (MEP) gained...

CardinalStone

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