External macroeconomic shocks and stock price behavior in Nigeria

Mojeed Olanrewaju Saliu
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Mojeed Olanrewaju Saliu: Ekiti State University. Ado-Ekiti

International Journal of Research in Business and Social Science (2147-4478), 2021, vol. 10, issue 6, 174-180

Abstract: This research work investigates the relationship between external macroeconomic shocks and stock price behavior in Nigeria. Variables such as exchange rate (EXR), US real interest rate (USRINTR), and world oil price (WOP) are adopted to capture external macroeconomic shocks while all share price index is used to proxy stock price. The research work uses Johansen cointegration and structural vector autoregressive model as the estimation method. Findings from the study confirm that no long-term co-movement exists between the stock price and the selected external shocks. Findings from the study equally show that both US real interest rate (USRINTR) and world oil price (WOP) are the major external shock predictors of the stock price in Nigeria. Key Words:External Macroeconomic Shocks, Stock Price, Exchange Rate, US Real Interest Rate, World Oil Price.

Date: 2021
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