The Influence of Oil Price Fluctuations on Stock Market of Developing Economies: A Focus on Nigeria

Nwude, Chuke and Eluyela, Damilola Felix and Agbo, Elias Igwebuike and Iyoha, F. O. (2021) The Influence of Oil Price Fluctuations on Stock Market of Developing Economies: A Focus on Nigeria. International Journal of Energy Economics and Policy, 11 (3). pp. 100-109. ISSN 2146-4553

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Abstract

The inconclusiveness of findings from various studies on Nigeria on the effect of crude oil price fluctuation on the stock market has led to an argument in literature, thus necessitating further exploration of the subject. This study examines the effect of variations in the price of crude oil on selected stock market performance variables in Nigeria using monthly frequency data covering January 1997-December 2016. Variance decomposition, impulse response analysis, and VAR estimations were employed for the study. The results reveal that oil price variations are slowly transmitted in some stock market performance variables. The findings indicate that the effect of crude oil price fluctuations in the Nigerian stock market is greatly minimized and does not sufficiently account for market activities.

Item Type:	Article
Uncontrolled Keywords:	Emerging Economy, Nigeria, Oil Price Shocks, Stock Market, Vector Autoregressive
Subjects:	H Social Sciences > HF Commerce H Social Sciences > HF Commerce > HF5601 Accounting
Divisions:	Faculty of Law, Arts and Social Sciences > School of Management Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	nwokealisi
Date Deposited:	30 Sep 2022 09:02
Last Modified:	30 Sep 2022 09:02
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/16244

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