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MACROECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN NIGERIA

Authors: OGBEBOR Peter , Okolie, Romanus, Prisca Olabisi Adejumo

Publication Type: Journal article

Journal: The Nigerian Journal Of Business And Management Sciences

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Abstract

Abstract

The postulation that the link between financial development and economic growth has gravitated mainly towards one direction: economic growth and development is not invariant to dis-equilibrium from the stock market has dominated finance literature. This study, however, defers by studying the effects of macro-economic factors on the stock market in Nigeria for the period: 1993 – 2017. A time series regression analysis involving the use of modern econometrics approach were employed to establish the effects of gross domestic product (GDP), inflation (INF), industrial production index (IPI), unemployment rate (UR), interest rate (IR) and exchange rate (ER) on all share index (ASI) in the stated period. Results from the findings were mixed as inflation (INF), industrial production index (IPI), unemployment rate (UR), interest rate (IR) and exchange rate (ER) had negative relationship with the all share index (ASI). The effects of Gross domestic product (GDP) on the All Share Index was positive but in the short-run. The same trend was observed in the long-run except that in addition to gross domestic product (GDP), exchange rate (ER) had a positive relation. Based on this, we conclude that equilibrium exists among the variables, thus, economic growth and development had significant effects on stock market performance in the period covered by this study. We, therefore, recommend, amongst others, that economic growth and development should be pursued in Nigeria with more vigour in order to further enhance the performance of the stock market.

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OGBEBOR,P. Okolie,,O.R Prisca,O.A . (2018). MACROECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN NIGERIA, 2 (), 67-67.

OGBEBOR,P. Okolie,,O.R Prisca,O.A . "MACROECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN NIGERIA" 2, no (), (2018): 67-67.

OGBEBOR,P. and Okolie,,O.R and Prisca,O.A and . (2018). MACROECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN NIGERIA, 2 (), pp67-67.

OGBEBORP, Okolie,OR, PriscaOA, . MACROECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN NIGERIA. 2018, 2 ():67-67.

OGBEBOR,Peter , Okolie,,Onyeisi Romanus, and Prisca,Olabisi Adejumo . "MACROECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN NIGERIA", 2 . (2018) : 67-67.

O.Peter O.Onyeisi Romanus & P.Olabisi Adejumo , "MACROECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN NIGERIA" vol.2, no., pp. 67-67, 2018.

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