The Impact of Macroeconomic Variables on All Share Index on the Nigerian Stock Exchange
Abstract
The study examined the impact of macroeconomic variables on all share index on the Nigerian Stock Exchange.The main objective of the study is to examine the impact of macroeconomic variables on all share index on the Nigerian Stock Market. To realize the objective, six hypotheses were formulated. The secondary method of data collection was adopted while all the companies quoted on the Nigerian Stock Exchange was considered for a period of fifteen years(1996-2010). Multiple regression and stationarity and unit root techniques were employed to analyse the data. The result of the correlation showed varying degree of correlation between all share index and macroeconomic variables. The value of R2 IS 0.7513 (75.13%) of All share index is determined by six (6) macroeconomic variables considered in this study while the balance 24.87% is determined by other variables that were not considered in this study. The result from the unit root based on Augmented Dickey Fueller showed that all the six null hypotheses based on the rule that if the test statistic < critical value (i.e. less than the negative value) reject Null hypothesis.
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