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 bears sustained their grip on the local bourse as the benchmark index shed 0.55%, while the MEP lost 0.60%, underperforming the market by 5bps.</li><li>Year to date, the MEP posts a return of 3.54%, outpacing the ASI’s 2.94% return by 59bps.</li><li>The MEP underperformed last week, primarily due to our overweight positions in MTNN (-4.22% WoW) and UBA (-3.56% 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 bears sustained their grip on the local bourse as the benchmark index shed 0.55%, while the MEP lost 0.60%, underperforming the market by 5bps.Year to date, the MEP posts a return of 3.54%, outpacing the ASI’s 2.94% return by 59bps.The MEP underperformed last week, primarily due to our overweight positions in MTNN (-4.22% WoW) and UBA (-3.56% 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:Ep10 - 17-03-25

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.

Thematic (Sector/Industry)

<ul><li>GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously.</li><li>Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.</li><li>The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.</li></ul>

GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously.Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.

<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.

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 Model Equity Portfolio - S3:Ep10 - 17-03-25

Last week, the bears sustained their grip on the local bourse as the benchmark index shed 0.55%, while the MEP lost 0.60%, underperforming the...

CardinalStone

AUCTUS ON FRIDAY - 07/03/2025

GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported...

Auctus Advisors

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

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