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The Impact of Inflation on Stock Market Investment Performance: Evidence from Airlines Automobiles Road Transport and Maritime Sectors Stocks of the Nigerian Stock Exchange

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  • E Chuke NWUDE

Abstract

This paper investigates the extent to which stocks of Airlines/Automobile/Road transport/Maritime firms listed in Nigerian Stock Exchange (NSE) are a hedge against the actual inflation in Nigeria over the period 2000–2011. Actual inflation was computed using the estimates of the consumer price index. The study used real rate of return on equity and regression analysis to find the stocks that provide positive real return and offer inflation-hedging property respectively. The findings revealed that in terms of real return based on shareholders’ funds and total return to equity, all the firms were not susceptible to adverse effect of inflation but when based on dividend yield all the firms offered no significant hedge against inflation.

Suggested Citation

  • E Chuke NWUDE, 2013. "The Impact of Inflation on Stock Market Investment Performance: Evidence from Airlines Automobiles Road Transport and Maritime Sectors Stocks of the Nigerian Stock Exchange," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 3(10), pages 1257-1276.
    • Handle: RePEc:asi:ajoerj:v:3:y:2013:i:10:p:1257-1276:id:3611
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    Cited by:

    1. Gbenga Festus Babarinde, 2020. "The Role of Foreign Direct Investment in Stock Market Development in Nigeria: A Test of Complementarity," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 12(2), pages 175-187, December.
    2. Aastha Khera & Neelam Dhanda, 2020. "Empirical Relationship between Macroeconomic Variables and Stock Prices of Indian Banking Sector: A Vector Error Correction Model Approach," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 12(2), pages 189-198, December.

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