External broker reports(aggregated public sources), CardinalStone

CardinalStone

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.

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)

Nigeria Financials / Thematic (Sector/Industry)

<ul><li>Last week, the local bourse remained upbeat to hit an 11-day winning streak as the benchmark index (NGXASI) climbed 2.37% WoW to reach 146,988.04 points.</li><li>Meanwhile, subsequent to the portfolio’s rebalancing last week, the MEP advanced by 2.85% WoW, outpacing the market ‘s benchmark index by 48bps.</li><li>Accordingly, on a YtD basis, the MEP remained ahead of the benchmark index with a return of 45.51%, outperforming the NGXASI’s 42.81% by 270bps.</li></ul><p><em>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.</em></p>

Last week, the local bourse remained upbeat to hit an 11-day winning streak as the benchmark index (NGXASI) climbed 2.37% WoW to reach 146,988.04 points.Meanwhile, subsequent to the portfolio’s rebalancing last week, the MEP advanced by 2.85% WoW, outpacing the market ‘s benchmark index by 48bps.Accordingly, on a YtD basis, the MEP remained ahead of the benchmark index with a return of 45.51%, outperforming the NGXASI’s 42.81% by 270bps.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.

TotalEnergies Marketing Nigeria (TOTAL NL)

Transnational Corporation of Nigeria (TRANSCOR NL)

CardinalStone Research - Model Equity Portfolio - 13 October 2025