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>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><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>

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.

TotalEnergies Marketing Nigeria (TOTAL NL)

Transnational Corporation of Nigeria (TRANSCOR NL)

CardinalStone Research - Model Equity Portfolio - 24 November 2025