The Weekly Street Note — W33 · 14 Aug 2026

🟢 8 Conviction Buy · 🟡 23 Accumulate · Median score 69.3

Currency stability and rising foreign reserves typically unlock equity demand, yet this week the NGX shed N613 billion as the naira strengthened to N1,358.25 per dollar and CBN reserves climbed above $52 billion. The disconnect reveals capital rotation, not macro weakness: healthcare and oil & gas advanced while conglomerates tumbled 2.4 points, signaling a flight to defensive and commodity-linked plays. The real culprit is the CBN's N4.93 trillion in OMO bids at 20% yields—investors are abandoning equities entirely for the risk-free curve, leaving even cheap stocks stranded in a liquidity dro

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