The Weekly Street Note — W24 · 12 Jun 2026 Premium

Oil Breaks Out — Three New Names Enter Conviction Buy

Nigeria's crude output hit 1.53 million barrels per day this week — the highest reading since July 2025. The impact rippled through the model immediately: Energy composites climbed, investor confidence recovered from recent jitters, and the model expanded its Conviction Buy roster from two to five names in a single week. Three new names — MAYBAKER, TIP, and WAPCO — cleared the 75-point threshold, signalling that quality is finally being recognised across sectors.

The CBN's new restrictions on sister-company funding landed in the background, adding a note of caution to financial-sector names. Composites for several banks and insurance stocks softened; watch this space as the policy works through lending books over the coming weeks.

Three Names Worth Your Attention

MAYBAKER leads at 88.1 — a near-perfect valuation score (100/100) alongside solid fundamentals. At P/E 16.5x and ROE of 30.6%, this is a HealthCare compounder that the market hasn't fully priced. Reasonable liquidity (₦143.9M ADV) makes it accessible for patient accumulation.

TIP scores 80.0 and offers one of the most compelling value propositions on the exchange. P/E of 6.2x with a 60.9% ROE and 29.9% net margin — this is a Services business generating exceptional returns on capital at a price that implies serious scepticism. Daily volume of ₦144.5M is adequate for building a position.

WAPCO rounds out the top three at 78.0. Industrial Goods with 40.7% ROE, 28% margin, and ₦2 billion in daily volume — one of the most liquid names in the Conviction Buy list. The combination of quality, liquidity, and a still-reasonable P/E of 16.5x makes this a natural building block for an NGX portfolio.

Movers This Week

Biggest gains — ENAMELWA dominated with a +35.5 composite surge, the largest single-week move in the universe this week, driven by a sharp improvement in its technical score. CHELLARAM (+8.7) and AUSTINLAZ (+8.5) also posted meaningful composite improvements. NEM (+7.5) gained as financial-sector fears remained selective rather than broad.

Biggest losers — INTENEGINS (-12.3) and TRANSEXPR (-8.9) bore the sharpest composite declines, both in Financial Services where the CBN sister-company funding restrictions created the most uncertainty. FIDELITYBK (-8.3) and TRANSCORP (-8.2) followed — the conglomerate's financial-sector exposure made it vulnerable to the same sentiment shift.

Watch list — TRANSCORP remains in Accumulate territory despite its decline, and its diversified revenue base may buffer any direct policy impact. The CBN restriction is a policy risk to monitor, not yet a fundamental deterioration story.

Full scores, order book data, and sector breakdown on the dashboard.

⚠ Research output only — not personalised investment advice. MoloneyStreetRe Analytics publishes quantitative model scores for research and education purposes. Always carry out your own due diligence before making any investment decision. Capital is at risk.