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MACROECONOMIC DETERMINANTS OF STOCK PRICE IN NIGERIA
Abstract
This Study examined the macroeconomic determinants of stock price in Nigeria; using time series data from 1981 to 2017. Data for the study were sourced from the Central Bank of Nigeria Statistical Bulletin. The method adopted in the analysis of data was the Ordinary Least Square (OLS) technique. The results of the estimates showed that the macroeconomic variables have long run relationship with stock price in Nigeria; specifically, the Treasury bill rate has negative impact on stock price in the long run, while Exchange rate, Gross national income and Inflation have positive relationship with stock price in the long run. Recommendations made include, aggressive export diversification by the government and strengthening of demand management measures.
Keywords: Stock Price, Exchange Rate, Treasury Bill Rate, Gross National Income, Inflation, Nigeria.