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.

Macroeconomics

<ul><li>Last week, the domestic bourse rebounded as it advanced by 0.50%, while the MEP gained 0.58%, outperforming the market by 8bps.</li><li>On a year-to-date basis, the MEP has returned 35.53%, while the NGX-ASI has returned 30.69%, outperforming by 483bps.</li><li>The MEP's outperformance was primarily driven by overweight positions in UBA, ZENITHBANK and WAPCO, which contributed a combined 51bps.</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 rebounded as it advanced by 0.50%, while the MEP gained 0.58%, outperforming the market by 8bps.On a year-to-date basis, the MEP has returned 35.53%, while the NGX-ASI has returned 30.69%, outperforming by 483bps.The MEP's outperformance was primarily driven by overweight positions in UBA, ZENITHBANK and WAPCO, which contributed a combined 51bps.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 Model Equity Portfolio - S2:Ep46 -18-11-24

Thematic (Sector/Industry)

<ul><li>Last week, the domestic bourse closed bearish as it declined by 0.20%, while the MEP slipped 0.49%, underperforming the market by 29bps.</li><li>On a year-to-date basis, the MEP has returned 34.74%, while the NGX-ASI has returned 30.04%.</li><li>The MEP's underperformance is largely attributed to our overweight position in OANDO (-21.97% WoW) which cost the portfolio 55bps as well as the absence of ARADEL (+8.91% WoW) from the MEP.</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 closed bearish as it declined by 0.20%, while the MEP slipped 0.49%, underperforming the market by 29bps.On a year-to-date basis, the MEP has returned 34.74%, while the NGX-ASI has returned 30.04%.The MEP's underperformance is largely attributed to our overweight position in OANDO (-21.97% WoW) which cost the portfolio 55bps as well as the absence of ARADEL (+8.91% WoW) from the MEP.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 - 11th November 2024

<ul><li>Global equity markets continued their bearish trend in October, with the MSCI World Index declining by 1.3% and the MSCI Emerging Markets Index dropping by 4.5%.</li><li>These declines were primarily driven by the significant sell-offs in major technology stocks and limited followthrough on anticipated stimulus measures from Beijing.</li><li>In the U.S. market, both the S&amp;P 500 and the NASDAQ appeared set to close the month with gains stemming from expectations of tamer monetary policies and positive data (YoY inflation printing lower at 2.4% and YoY unemployment rate holding steady at 4.1%), signalling a “soft landing”. </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.

Global equity markets continued their bearish trend in October, with the MSCI World Index declining by 1.3% and the MSCI Emerging Markets Index dropping by 4.5%.These declines were primarily driven by the significant sell-offs in major technology stocks and limited followthrough on anticipated stimulus measures from Beijing.In the U.S. market, both the S&amp;P 500 and the NASDAQ appeared set to close the month with gains stemming from expectations of tamer monetary policies and positive data (YoY inflation printing lower at 2.4% and YoY unemployment rate holding steady at 4.1%), signalling a “soft landing”. 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.

<ul><li>Last week, the local bourse closed bearish, losing 203bps.</li><li>In similar fashion, the MEP shed 81bps, outperforming the benchmark index by 122bps.</li><li>Year-to-date, the MEP has returned 35.40%, compared to the NGX-ASI’s return of 30.30%, resulting in an outperformance of 510 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 closed bearish, losing 203bps.In similar fashion, the MEP shed 81bps, outperforming the benchmark index by 122bps.Year-to-date, the MEP has returned 35.40%, compared to the NGX-ASI’s return of 30.30%, resulting in an outperformance of 510 bps.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 - 4th November 2024

<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

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.