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 advanced by 4.48% WoW, with the NGX ASI reaching 155,645.05 points. In tandem, the Model Equity Portfolio (MEP) gained 4.56% WoW, outperforming the NGXASI by 8bps.</li><li>Year-to-date, the MEP remains ahead with a 54.31% return, maintaining a 3.09ppt lead over the benchmark index’s return of 51.22%.</li><li>The MEP’s outperformance primarily stemmed from our overweight position in DANGCEM (+10.83% WoW) and MTNN (+8.56% WoW), which cumulatively boosted the MEP by 246bps and masked the loss from our overweight position in ZENITHBANK (-1.47% WoW).</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 advanced by 4.48% WoW, with the NGX ASI reaching 155,645.05 points. In tandem, the Model Equity Portfolio (MEP) gained 4.56% WoW, outperforming the NGXASI by 8bps.Year-to-date, the MEP remains ahead with a 54.31% return, maintaining a 3.09ppt lead over the benchmark index’s return of 51.22%.The MEP’s outperformance primarily stemmed from our overweight position in DANGCEM (+10.83% WoW) and MTNN (+8.56% WoW), which cumulatively boosted the MEP by 246bps and masked the loss from our overweight position in ZENITHBANK (-1.47% 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.

TotalEnergies Marketing Nigeria (TOTAL NL)

Transnational Corporation of Nigeria (TRANSCOR NL)

CardinalStone Research - Model Equity Portfolio - 27 October 2025