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 NGXASI bucked its negative trend, gaining 2.45%WoW to settle at 147,040.26 points.</li><li>In the same vein, the MEP also gained 2.47% WoW, outperforming the benchmark index by 2bps.</li><li>On a YtD basis, the MEP remains ahead of the benchmark with a return of 45.77%, outperforming the NGXASI’s 42.86% by 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 NGXASI bucked its negative trend, gaining 2.45%WoW to settle at 147,040.26 points.In the same vein, the MEP also gained 2.47% WoW, outperforming the benchmark index by 2bps.On a YtD basis, the MEP remains ahead of the benchmark with a return of 45.77%, outperforming the NGXASI’s 42.86% by 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 - 08 December 2025

<ul><li>Last week, the NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.</li><li>Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.</li><li>On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.</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, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.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 - 01 December 2025

<ul><li>In week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points.</li><li>Similarly, the MEP had a weak outing, down by 2.35%, underperforming the benchmark index by 11bps.</li><li>However, on a YtD basis, the MEP remains ahead, returning 42.33% compared to the NGX ASI’s 39.64%, representing an outperformance of 269bps.</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.

In week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points.Similarly, the MEP had a weak outing, down by 2.35%, underperforming the benchmark index by 11bps.However, on a YtD basis, the MEP remains ahead, returning 42.33% compared to the NGX ASI’s 39.64%, representing an outperformance of 269bps.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 - 24 November 2025

<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

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.

<ul>
<li>Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.</li>
<li>Unlike ASML’s extreme-ultraviolet (EUV) lithography, Substrate uses beams from a mini-particle accelerator, claiming this method can produce smaller, cheaper chips.</li>
<li>The company intends not only to sell the machines but also to manufacture chips in-house at a US facility within a few years.</li>
</ul>


Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.
Unlike ASML’s extreme-ultraviolet (EUV) lithography, Substrate uses beams from a mini-particle accelerator, claiming this method can produce smaller, cheaper chips.
The company intends not only to sell the machines but also to manufacture chips in-house at a US facility within a few years.


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 - 08 December 2025

Last week, the NGXASI bucked its negative trend, gaining 2.45%WoW to settle at 147,040.26 points.In the same vein, the MEP also gained 2.47% WoW,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 01 December 2025

Last week, the NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 24 November 2025

In week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points. Similarly, the MEP...

CardinalStone

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

What's News in Amsterdam

Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.

The IDEA!

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