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Macroeconomic Variables and Stock Price Changes in Emerging Stock Market Evidence from Nigeria

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Macroeconomic Variables and Stock Price Changes in Emerging Stock Market Evidence from Nigeria


Matthew Osedebamhen Moni | Steve Nkem Ibenta | Victor Ike Okonkwo



Matthew Osedebamhen Moni | Steve Nkem Ibenta | Victor Ike Okonkwo "Macroeconomic Variables and Stock Price Changes in Emerging Stock Market Evidence from Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1, December 2021, pp.772-782, URL: https://www.ijtsrd.com/papers/ijtsrd47503.pdf

This study investigated macro-economic variables and stock price changes in emerging stock market: evidence from Nigeria. The main objective of the study was to ascertain the major macroeconomic variables that are determinants of stock prices in Nigerian Stock market. Secondary data was collected from CBN Statistical bulletins and used. The co-integration technique was used for the data analysis. The results of the study or findings revealed that Exchange rate has a positive effect on stock prices; Real GDP has a positive effect on stock prices; money supply has negative effect on stock prices on the long run while interest rate, inflation rate, have no significant effect on stock prices. Based on the findings, it is thus recommended as follows: more attention should be paid to credit control and long term supply of money by monetary authorities to stabilize stock prices instead of adopting price stabilization measures. Concerned authorities should tame inflation and interest rates, check stock prices manipulations, ensure the production and promotion of export products; agents of stock market can also predict stock prices by observing trend of output growth consistently of a particular industry and Nigeria government and entrepreneurs should engage in the production of tradable goods rather than only crude oil to create more export for the country and hence boost stock market trading with more investors.

Stock prices; macroeconomic variables; emerging stock market


IJTSRD47503
Volume-6 | Issue-1, December 2021
772-782
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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