The Weekly Street Note — W40 · 2 Oct 2026
🟢 7 Conviction Buy · 🟡 32 Accumulate · Median score 65.8
Nigeria's composite PMI rose to 53.0 in September, marking the fourth consecutive month of expansion and underpinning confidence in sustained economic activity. This headline masks a more granular reality: the NGX shed N262 billion this week as the All-Share Index slipped 0.16%, signaling that headline macro strength is not translating uniformly across equities. The divergence matters because it creates opportunity for selective alpha. Our conviction buy roster expanded to include IKEJAHOTEL and TIP alongside new entrant MAYBAKER, while LEARNAFRCA, MTNN, and OANDO dropped from the list—a signa
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