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Operational Efficiency Dynamics of the Nigerian Stock Market (1986-2010)

Author

Listed:
  • Chris O Udoka

    (Department of Banking and Finance, University Of Calabar, Nigeria)

  • Roland A Anyingang

    (Department of Banking and Finance, University Of Calabar, Nigeria)

Abstract

The study investigated the operational efficiencyof the Nigerian stock market between 1986-2010. This was necessary given the degree of thinness of the market. The objectives of the study were: to investigate the extent to which the operations of themarket have contributed to the growth of the Nigerian economy and also to determine the functionality of the market. To achieve these objectives data were gathered on some capital market indicators from the stock exchange factbook of various years on marketcapitalization (MCAP), all share index (ASI) volume of transaction (VOLT) value of transaction (VALT) and number of listed companies (NLC) on the stock exchange. The data were tabulated, analyzed and tested using the ordinary least square statistical technique. Findings resulting from the test of data showed that NLC, VOLT, VALT, ASI and MCAP were positive and that increase in any of the above parameters would in turn cause an increase in the growth of the Nigerian economy at five and ten percent levels of significance. It further showed that the market was operationally weak form efficient. It was therefore recommended that government should continue to provide better macro-economic environment for the private sector to lead the economy on the part of sustainable growth and development.

Suggested Citation

  • Chris O Udoka & Roland A Anyingang, 2014. "Operational Efficiency Dynamics of the Nigerian Stock Market (1986-2010)," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 3(1), pages 173-185, January.
    • Handle: RePEc:rbs:ijfbss:v:3:y:2014:i:1:p:173-185
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