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 Nigerian exchange closed on a positive note, with the benchmark index gaining 0.20%.</li><li>The MEP gained 35 bps, outperforming the ASI by 15bps.</li><li>Year-to-Date, The MEP’s gain of 39.97% maintains its lead over the benchmark index’s 38.09% by 187bps</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 Nigerian exchange closed on a positive note, with the benchmark index gaining 0.20%.The MEP gained 35 bps, outperforming the ASI by 15bps.Year-to-Date, The MEP’s gain of 39.97% maintains its lead over the benchmark index’s 38.09% by 187bpsContent 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 - 29 September 2025

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

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<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Deep dive into Italy – ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe.</li>
<li>While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality gas from historic oil exploration in the permit, Europe’s growing demand for domestic supply and the recent offshore development of nearby Argo-Cassiopea—the largest greenfield gas project in Italy (~350 bcf).</li>
<li>Italy’s current regulatory and political environment remains supportive of upstream activity, with continued exploration across the Sicily Channel.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Deep dive into Italy – ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe.
While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality gas from historic oil exploration in the permit, Europe’s growing demand for domestic supply and the recent offshore development of nearby Argo-Cassiopea—the largest greenfield gas project in Italy (~350 bcf).
Italy’s current regulatory and political environment remains supportive of upstream activity, with continued exploration across the Sicily Channel.


<ul><li>After four consecutive weeks of losses, bullish sentiments resurfaced on the local bourse last week, with the NGX ASI gaining 1.13% WoW.</li><li>The MEP also inched higher, by 1.23% Wow, outperforming the benchmark by 10bps.</li><li>On a YtD basis, the MEP remained ahead of the benchmark index with a return of 38.84%, outperforming the NGXASI's 36.55% by 2.29%.</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.

After four consecutive weeks of losses, bullish sentiments resurfaced on the local bourse last week, with the NGX ASI gaining 1.13% WoW.The MEP also inched higher, by 1.23% Wow, outperforming the benchmark by 10bps.On a YtD basis, the MEP remained ahead of the benchmark index with a return of 38.84%, outperforming the NGXASI's 36.55% by 2.29%.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:Ep36- 15-09-25

<ul><li>Last week, the NGXASI dipped further by 0.94% WoW to 138,980.01 points, extending its losing streak to a fourth straight week.</li><li>The MEP also declined, shedding 1.09% and underperforming the benchmark by 15bps.</li><li>Nevertheless, on a YtD basis, the MEP remained ahead of the benchmark index with a return of 37.15%, outperforming the NGXASI’s 35.03% by 212bps.</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 dipped further by 0.94% WoW to 138,980.01 points, extending its losing streak to a fourth straight week.The MEP also declined, shedding 1.09% and underperforming the benchmark by 15bps.Nevertheless, on a YtD basis, the MEP remained ahead of the benchmark index with a return of 37.15%, outperforming the NGXASI’s 35.03% by 212bps.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 - 8 September 2025

<ul><li>Last week, the benchmark index (NGXASI) fell 0.50% WoW to 140,295.49 points, marking its third consecutive week of losses.</li><li>The MEP also declined, shedding 0.75% and underperforming the benchmark by 25bps.</li><li>Nonetheless, on a year-to-date basis, the MEP remains ahead with a return of +38.66% versus the NGXASI’s +36.31%, maintaining an outperformance of 235bps.</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 index (NGXASI) fell 0.50% WoW to 140,295.49 points, marking its third consecutive week of losses.The MEP also declined, shedding 0.75% and underperforming the benchmark by 25bps.Nonetheless, on a year-to-date basis, the MEP remains ahead with a return of +38.66% versus the NGXASI’s +36.31%, maintaining an outperformance of 235bps.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 - 1 September 2025

Nigeria

SEPLAT Energy PLC is an oil and gas exploration and production company. The Company focuses on Niger Delta area of Nigeria.

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SEPLAT Energy (SEPLAT NL)

CardinalStone Research - Model Equity Portfolio - 29 September 2025

Last week, the Nigerian exchange closed on a positive note, with the benchmark index gaining 0.20%.The MEP gained 35 bps, outperforming the ASI by...

CardinalStone

AUCTUS ON FRIDAY - 12/09/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Deep dive into Italy – ADX has released further details on its C.R 150.AU permit

Auctus Advisors

CardinalStone Model Equity Portfolio - S3:Ep36- 15-09-25

After four consecutive weeks of losses, bullish sentiments resurfaced on the local bourse last week, with the NGX ASI gaining 1.13% WoW.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 8 September 2025

Last week, the NGXASI dipped further by 0.94% WoW to 138,980.01 points, extending its losing streak to a fourth straight week.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 1 September 2025

Last week, the benchmark index (NGXASI) fell 0.50% WoW to 140,295.49 points, marking its third consecutive week of losses.

CardinalStone

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