1.[1-14]The Impact of Macroeconomic Indicators on Stock Prices in Nigeria

Developing Country Studies www. iiste. org ISSN 2224-607X (Paper) ISSN 2225-0565 (Online) Vol 1, No. 2, 2011 1 | P a g e www. iiste. org The Impact of Macroeconomic Indicators on Stock Prices in Nigeria Adaramola, Anthony Olugbenga Banking and Finance... More

Developing Country Studies www. iiste. org ISSN 2224-607X (Paper) ISSN 2225-0565 (Online) Vol 1, No. 2, 2011 1 | P a g e www. iiste. org The Impact of Macroeconomic Indicators on Stock Prices in Nigeria Adaramola, Anthony Olugbenga Banking and Finance Department, Faculty of Management Sciences Ekiti StateUniversity, P. M. B. 5363, Ado Ekiti, Nigeria. E-mail: gbengaadaramolaunad@yahoo. com The research is financed by Asian Development Bank. No. 2006-A171 Abstract This study set out to investigate the impact of macroeconomic indicators on stock prices in Nigeria. Since none of the previous writers in this area looked at the study at the individual firm’s level, the research work is therefore unique as it uses a different methodology to consider it at the micro level. Secondary data on stock prices of selected firms and six macroeconomic variables between 1985:1 and 2009:4 were used for the analysis. The macroeconomic indicators used in the research work are: money supply (BRDM), i Less