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

<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

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • Shell | decided not to resume construction of its biofuels facility in Rotterdam • Unilever | plans major shake-up of top-200 management • Fugro | awarded two contracts to support Brazil’s offshore energy expansion</li></ul>

In this edition: • Shell | decided not to resume construction of its biofuels facility in Rotterdam • Unilever | plans major shake-up of top-200 management • Fugro | awarded two contracts to support Brazil’s offshore energy expansion

What's New(s) in Amsterdam - 4 September (Shell | Unilever | Fugro)

<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

Unilever Nigeria Plc manufactures and markets consumer products primarily in the home, personal care and foods categories. The Company sells products such as Omo washing powder, Key soap, Royco bouillon, Lipton tea, Blue Band margarine, Pears baby care goods, Vaseline petroleum jelly, Lux soap, and Close Up toothpaste.

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Unilever Nigeria (UNILEVER 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

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

What's New(s) in Amsterdam - 4 September (Shell | Unilever | Fugro)

In this edition: • Shell | decided not to resume construction of its biofuels facility in Rotterdam • Unilever | plans major shake-up of top-200...

The IDEA!

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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