This paper investigate whether macroeconomics indicators influences stock price behavior in\nNigerian stock market, using an annual time series data spanning from 1985-2015. The study\nemployed some econometric tools such as Augmented Dicker Fuller (ADF) Unit Root test,\nJohansenâ??s co integration test, Vector Error Correction Model (VECM) to analyze the\nvariables of interest. The study found out that Money Supply (MS) has an inverse but\nstatistically significant influence on stock prices in Nigerian stock market also Treasury Bill\nRate (TBR) has an inverse and statistically insignificant influence on stock market prices.\nWhile on the other hand, Market Capitalization (MCAP) has a positive and statistically\nsignificant influence on stock prices while Exchange Rate (EXR) has positive but statistically\ninsignificant relationship with stock prices in the Nigerian Stock Market. In view of the\nabove, the study recommends amongst others that monetary authorities should try as much as\npossible to implement sound macroeconomic policies that would enhance stock market\ngrowth and development in Nigeria.
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