Impact of Macroeconomic Variables on Stock Prices in Nigeria

ECONOMICS DEPARTMENT UNIVERSITY OF NIGERIA NSUKKA

IMPACT OF MACROECONOMIC VARIABLES ON STOCK PRICES IN NIGERIA: AN ECONOMETRIC ANALYSIS
UCHE, GEORGE EWA

2011

IMPACT OF MACROECONOMIC VARIABLES ON STOCK PRICES IN NIGERIA: AN ECONOMETRIC ANALYSIS

UCHE, GEORGE EWA 2007/147949

Being a research project submitted to the Department of Economics, in partial fulfillment of the requirements for the award of a Bachelor of Science Degree in Economics.

AUGUST, 2011

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APPROVAL PAGE This research work on the topic, “IMPACT OF MACROECONOMIC VARIABLES ON STOCK PRICES IN NIGERIA: AN ECONOMETRIC ANALYSIS”, by UCHE, GEORGE EWA (2007/147949) has been read and approved as meeting the requirements of the Department of Economics for the award of the B.Sc degree in Economics.

…………………………….. Date Project supervisor

……………………………… Mr. Urama

…………………………….. Prof. C.C. Agu Head of Department

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……………………………. Prof. Ezeani Dean of faculty

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…………………………….. External examiner

………………………………….. Date

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DEDICATION This work is dedicated to ‘The George’, who lives in the inside of me, the candlelight of my soul. He encouraged, motivated and advised me when the chips were down.

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ACKNOWLEDGEMENT I give reserved praise to my supervisor Mr. Urama who was patient with me, understood when I was ignorant, answered my probing questions and brought out the best in me. I also acknowledge my lecturer Rev. Dr. Fr. Ichoku who not only taught me econometrics but also serves as a source of inspiration to me. I acknowledge my parents and siblings most especially Onyi my kid sister. I acknowledge the members of Policy Analysis And Research Group (PARG), a group that groomed and remodeled me. You all, would live in my heart. I acknowledge my lecturers: Prof. Onah, Prof. Ikpeze, Prof. Agu, Dr. Fonta, Dr. Mrs Aneke, Dr. Moses, Dr. Mrs Madueme, Dr. Jude, Dr. Amuka, Mr. Eze B., Mr. Emma Nwosu, DR. Asogwa, Mr. Ugwu Johnson, Dr.