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.

Equity Bottom-Up

Nigerian Exchange Group / Equity Bottom-Up

<ul><li>The Nigerian Exchange Group (NGX: NGX - TP: N65.38) delivered a solid performance in 9M'25, above our expectations, with Profit After Tax (PAT) rising 82.7% YoY to N7.9 billion.</li><li>The outperformance was inspired by the stellar Q3'25 financial result, where Profit Before Tax (PBT) rose by c.2.0x QoQ to N5.8 billion.</li><li>Specifically, there was a marked improved in revenue, which grew by 56.7% QoQ in Q3’25 on the back of the 61.5% surge in transaction fees.</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 Nigerian Exchange Group (NGX: NGX - TP: N65.38) delivered a solid performance in 9M'25, above our expectations, with Profit After Tax (PAT) rising 82.7% YoY to N7.9 billion.The outperformance was inspired by the stellar Q3'25 financial result, where Profit Before Tax (PBT) rose by c.2.0x QoQ to N5.8 billion.Specifically, there was a marked improved in revenue, which grew by 56.7% QoQ in Q3’25 on the back of the 61.5% surge in transaction fees.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.

NGXGROUP - Stellar Q3'25 Results Inspires 9M'25 Outperformance