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This research unearths the jolts in oil prices that has effect on the actual stock returns in Nigeria over 2001-2011 using multivariate regression models. Variables ranging from altering oil prices, changes in stock returns, changes in exchange rates and altering world market index were employed. For the purpose of this study, oil is specified as crude oil, extracted in commercial quantity and distributed to the international economy. This study offers support for the hypotheses that; relationship between share prices and oil prices, exchange rates and world market index does exist. Share prices of Nigerian companies respond negatively to changes in exchange rate, therefore share prices increase when the Naira appreciates against the American dollar. The t test results confirm that all but seven companies correlate to the three variables. This confirms strong evidence of stock market correlation between the Nigerian stock market and the three independent variables. Holding all other factors constant, it can be asserted that share prices of Nigerian companies respond positively to the world market and oil prices. Hence, share prices increase when the world market improves; share prices also increase with oil prices
Samra Chaudary, Sehrish Nisar, Amina Talat, Daisy Salvador-Adebayo. (2014) Stock Market a Proxy for Oil Prices – A Focus on the Nigerian Economy, Pakistan Journal of Commerce and Social Sciences, volume 8, issue 3.
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