External broker reports(aggregated public sources), CardinalStone

CardinalStone

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)

<ul><li>Last week, the local bourse advanced by 141bps, while the MEP gained 227bps, outperforming the benchmark index by 87bps.</li><li>Year-to-date, the MEP has returned 36.51%, compared to the NGX-ASI's return of 33.00%, resulting in an outperformance of 351 bps.</li><li>The MEP's impressive performance was primarily fueled by our strong overweight positions in SEPLAT (+9.25% WoW) and OANDO (+16.43 WoW), which contributed 108bps and 36bps, respectively.</li></ul>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.

Last week, the local bourse advanced by 141bps, while the MEP gained 227bps, outperforming the benchmark index by 87bps.Year-to-date, the MEP has returned 36.51%, compared to the NGX-ASI's return of 33.00%, resulting in an outperformance of 351 bps.The MEP's impressive performance was primarily fueled by our strong overweight positions in SEPLAT (+9.25% WoW) and OANDO (+16.43 WoW), which contributed 108bps and 36bps, respectively.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.

CardinalStone Research - Model Equity Portfolio - 28th October 2024

<ul><li>Last week, the local bourse advanced by 48 bps, while the MEP gained 52 bps, outperforming the benchmark index by 4 bps.</li><li>Year-to-date, the MEP has returned 33.48%, compared to the NGX-ASI’s return of 31.16%, resulting in an outperformance of 232 bps.</li><li>The MEP's strong performance was primarily driven by renewed interest in TRANSPOWER (+19.29% WoW), which contributed 39 bps to the portfolio, and a rebound in OANDO (+10.00% WoW), adding 20 bps</li></ul>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.

Last week, the local bourse advanced by 48 bps, while the MEP gained 52 bps, outperforming the benchmark index by 4 bps.Year-to-date, the MEP has returned 33.48%, compared to the NGX-ASI’s return of 31.16%, resulting in an outperformance of 232 bps.The MEP's strong performance was primarily driven by renewed interest in TRANSPOWER (+19.29% WoW), which contributed 39 bps to the portfolio, and a rebound in OANDO (+10.00% WoW), adding 20 bpsContent 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.

CardinalStone Research - Model Equity Portfolio - 21st October 2024

Macroeconomics

<ul><li>According to the National Bureau of Statistics (NBS), the consumer price index for September rose by 55bps to 32.7% YoY, outpacing our estimate by 40 bps.</li><li>Dissecting the key driver of this performance, we note that the accretive benefit from the onset of harvests in the southern and northern parts of the country, which helped to moderate the food basket for two consecutive months, was offset by lower farm yields due to flooding and security challenges in northern Nigeria.</li><li>According to FEWSNET, heavy rainfall recorded in August and September led to flooding of c.342,000 hectares of farmland up north. </li></ul>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.

According to the National Bureau of Statistics (NBS), the consumer price index for September rose by 55bps to 32.7% YoY, outpacing our estimate by 40 bps.Dissecting the key driver of this performance, we note that the accretive benefit from the onset of harvests in the southern and northern parts of the country, which helped to moderate the food basket for two consecutive months, was offset by lower farm yields due to flooding and security challenges in northern Nigeria.According to FEWSNET, heavy rainfall recorded in August and September led to flooding of c.342,000 hectares of farmland up north. 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.

CardinalStone Research - Inflation October 2024

<ul><li>Last week, the domestic bourse recovered marginally as it advanced by 0.09%, while the MEP gained 0.37%, outperforming the market by 28bps.</li><li>On a year-to-date basis, the MEP has returned 32.79%, while the NGX-ASI has returned 30.54%.</li><li>The MEP's outperformance was primarily driven by the strong overweight position in SEPLAT, which added 57bps to the portfolio's performance, along with the overweight position in FIDELITYBK, which contributed 14bps. </li></ul>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.

Last week, the domestic bourse recovered marginally as it advanced by 0.09%, while the MEP gained 0.37%, outperforming the market by 28bps.On a year-to-date basis, the MEP has returned 32.79%, while the NGX-ASI has returned 30.54%.The MEP's outperformance was primarily driven by the strong overweight position in SEPLAT, which added 57bps to the portfolio's performance, along with the overweight position in FIDELITYBK, which contributed 14bps. 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.

CardinalStone Research - Model Equity Portfolio - 14th October 2024

<ul><li>In September, global equities performances were largely shaped by key monetary policy decisions of major central banks, including the U.S. Federal Reserve, Bank of England, ECB, and Bank of Japan.</li><li>The dovish stance of the U.S. Federal Reserve, which initiated a 50-bps rate cut after 14 months of holding rates steady, fueled positive sentiments across some markets, pushing the MSCI World Index up by 1.69%.</li><li>Elsewhere, the MSCI Emerging Markets Index rose by 6.45%, supported by Chinese stimulus efforts.</li></ul>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.

In September, global equities performances were largely shaped by key monetary policy decisions of major central banks, including the U.S. Federal Reserve, Bank of England, ECB, and Bank of Japan.The dovish stance of the U.S. Federal Reserve, which initiated a 50-bps rate cut after 14 months of holding rates steady, fueled positive sentiments across some markets, pushing the MSCI World Index up by 1.69%.Elsewhere, the MSCI Emerging Markets Index rose by 6.45%, supported by Chinese stimulus efforts.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.