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.

Macroeconomics

<ul><li>The recently published GDP report by the National Bureau of Statistics (NBS) showed that economic activities slowed in the penultimate quarter of the year, settling at 3.98%, at par with our estimate of 4.00%.</li><li>This is unsurprising to us, as we had anticipated a slowdown in growth due to softer oil output, a consequence of a fading supportive base effect.</li><li>Additionally, oil production moderated in the period to 1.64mb/d (vs 1.68mb/d in Q2'25), reflecting scheduled maintenance activities that were carried out in some upstream facilities and delays in the commencement of operations at OMLs 71 and 72.</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>

The recently published GDP report by the National Bureau of Statistics (NBS) showed that economic activities slowed in the penultimate quarter of the year, settling at 3.98%, at par with our estimate of 4.00%.This is unsurprising to us, as we had anticipated a slowdown in growth due to softer oil output, a consequence of a fading supportive base effect.Additionally, oil production moderated in the period to 1.64mb/d (vs 1.68mb/d in Q2'25), reflecting scheduled maintenance activities that were carried out in some upstream facilities and delays in the commencement of operations at OMLs 71 and 72.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.

GDP Q3 2025 - GDP Momentum to Gather Pace in Q4'25