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 local bourse extended its bearish run as the benchmark index fell by 2.51% WoW.</li><li>Meanwhile, the MEP declined by 2.28% WoW, outperforming the benchmark index by 22bps.</li><li>On a year-to-date basis, the MEP has gained 39.71%, ahead of the ASI’s 37.00% return.</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 extended its bearish run as the benchmark index fell by 2.51% WoW.Meanwhile, the MEP declined by 2.28% WoW, outperforming the benchmark index by 22bps.On a year-to-date basis, the MEP has gained 39.71%, ahead of the ASI’s 37.00% return.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 - 25 Aug 2025

Thematic (Sector/Industry)

<ul><li>The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points.</li><li>In comparison, the MEP lost 79 bps WoW, underperforming the benchmark index by 2 bps.</li><li>The MEP YtD return moderated to 42.98%, but still maintained its lead over the ASI's 40.52% return by 246 bps</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 retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points.In comparison, the MEP lost 79 bps WoW, underperforming the benchmark index by 2 bps.The MEP YtD return moderated to 42.98%, but still maintained its lead over the ASI's 40.52% return by 246 bpsContent 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 - 18 Aug 2025

<ul><li>The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points.</li><li>In comparison, the MEP gained 2.20% WoW, underperforming the benchmark index by 0.98%.</li><li>Albeit, the MEP’s YtD return improved to 44.11%, maintaining its lead over the ASI’s YtD return of 41.61% by 250bps.</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 continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points.In comparison, the MEP gained 2.20% WoW, underperforming the benchmark index by 0.98%.Albeit, the MEP’s YtD return improved to 44.11%, maintaining its lead over the ASI’s YtD return of 41.61% by 250bps.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:Ep31 - 11-08-25

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.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d.</li><li>The company held A$4.8 mm in cash at the end of June.</li><li> Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d.The company held A$4.8 mm in cash at the end of June. Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil.

<ul><li>Last week, the local equities advanced by 2.18% WoW to close at 134,452.93 points.</li><li>In comparison, the MEP gained 1.97% WoW, trailing the benchmark index by 21bps.</li><li>Nonetheless, the MEP’s YtD return improved to 31.60%, sustaining its lead over the ASI’s YtD return of 30.63%.</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 advanced by 2.18% WoW to close at 134,452.93 points.In comparison, the MEP gained 1.97% WoW, trailing the benchmark index by 21bps.Nonetheless, the MEP’s YtD return improved to 31.60%, sustaining its lead over the ASI’s YtD return of 30.63%.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:Ep29 - 28-07-25

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 - 25 Aug 2025

Last week, the local bourse extended its bearish run as the benchmark index fell by 2.51% WoW. Meanwhile, the MEP declined by 2.28% WoW,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 18 Aug 2025

The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points. In comparison, the MEP lost 79...

CardinalStone

CardinalStone Model Equity Portfolio - S3:Ep31 - 11-08-25

The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points. In comparison, the MEP gained 2.20% WoW...

CardinalStone

AUCTUS ON FRIDAY - 01/08/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net...

Auctus Advisors

CardinalStone Model Equity Portfolio - S3:Ep29 - 28-07-25

Last week, the local equities advanced by 2.18% WoW to close at 134,452.93 points. In comparison, the MEP gained 1.97% WoW, trailing the benchmark...

CardinalStone

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