Efficiency across Time: Evidence from the Nigerian Stock Exchange

This paper examines the Weak-Form Efficient Market Hypothesis across time for the Nigerian Stock Exchange (NSE) by hypothesizing Normal Distribution and Random walk in periodic return series. Monthly all share indices of the NSE are examined for three periods including January 1985 to December 1992, January 1993 to December 1999, and January 2000 to December 2007. Our Normality tests are conducted using Skewness, Kurtosis, Kolmogorov-Smirnov, and Q-Q Normal Chart; whereas Random walk is tested using the non-parametric Runs test. Results of the Normality tests show that returns from NSE do not follow normal distribution in all the periods. Runs test results reject the randomness of the return series of the NSE in the periods studied. Overall results from the tests suggest that the NSE is not Weak-Form efficient across the time periods of this study. The results however, show that improvements in NSE trading system have positive effect on efficiency. Relaxing institutional restrictions on trading securities in the market and strengthening the regulatory capacities of NSE and Nigerian Securities and Exchange Commission (NSEC) to enforce market discipline were recommended.Weak-Form Efficiency, Random Walk, Normal Distribution, Nigerian Stock Exchange, Trading System

Wpływ pandemii koronawirusa na stabilność rynków finansowych w Afryce

The outbreak of the coronavirus in December 2019, with its accompanying declaration as a pandemic by the World Health Organisation in March 2020, resulted in lockdown of the global financial markets. This paper uses data from pre-coronavirus, coronavirus endemic and coronavirus pandemic periods to evaluate the impact of coronavirus pandemic on stability of Africa stock markets, sovereign bond markets and U.S. dollar exchange rates in Kenya, Morocco, Nigeria and South Africa as well as Africa Sharia equity and Sukuk indices. Findings from study suggest that Africa financial markets became very unstable during the coronavirus pandemic than during the endemic and pre-coronavirus periods. Results from bivariate regression model show evidence of negative impact of coronavirus pandemic on financial market returns. The results further show that Africa financial markets return volatility increases as the number of coronavirus cases increases. Overall, the findings suggest that coronavirus has negative impact on financial markets’ returns and exacerbated financial markets instability thus retarding sustainable economic development in the continent. JEL Classification Numbers:  G10, I12, O55Pojawienie się w grudniu 20129 r.  koronawirusa, wraz z ogłoszeniem przez Światową Organizację Zdrowia w marcu 2020 r. pandemii, spowodowało zablokowanie światowych rynków finansowych. W niniejszym artykule wykorzystano dane z okresów przed koronawirusem, koronawirusa endemicznego i pandemii koronawirusa do oceny wpływu pandemii koronawirusa na stabilność afrykańskich giełd papierów wartościowych, rynków obligacji skarbowych i kursów dolara amerykańskiego w Kenii, Maroko, Nigerii i RPA, w powiazaniu z zasadami szariatu i indeksu Sukuk. Wyniki badań sugerują, że rynki finansowe w Afryce podczas pandemii koronawirusa stały się bardzo niestabilne, o wiele bardziej niż w okresie endemicznym i przed koronawirusem. Wyniki dwuwymiarowego modelu regresji wskazują na negatywny wpływ pandemii koronawirusa na zwroty z rynków finansowych. Wyniki pokazują ponadto, że zmienność zwrotów na afrykańskich rynkach finansowych rośnie wraz ze wzrostem liczby przypadków koronawirusa. Ogólnie rzecz biorąc, wyniki sugerują, że koronawirus ma negatywny wpływ na zyski na rynkach finansowych i zaostrza niestabilność rynków finansowych, opóźniając tym samym zrównoważony rozwój gospodarczy na kontynencie

ANALYSIS OF SECTORS ON NIGERIA STOCK MARKET: EVIDENCE FROM CORRELATION, SERIAL CORRELATION, AND HETEROSCEDASTICITY

The objective of this paper is to evaluate the behaviour of Nigerian Stock Exchange (NSE) sector indices. Specifically, the paper analyzes the returns correlation, serial correlation and heteroscedasticity on the NSE All-share Index, Banking Index, Consumer Goods Index, Oil & Gas Index, NSE 30 Index, Insurance Index, Industrial Goods Index, Pension Index, and Alternative Securities Market Index, using daily returns ranging from 02 July 2008 to 31 December 2015. The study employs descriptive statistics, autocorrelation function (ACF) and Ljung-Box Q (LB-Q) statistics, as well as the autoregressive conditional heteroscedasticity Lagrange multiplier (ARCHLM) techniques in conducting the empirical analysis. Descriptive statistics obtained from the NSE sector returns show negative skewness, leptokurtosis, and non-normal distribution. Estimates from the ACF and LB-Q statistics indicate evidence of serial correlation in majority of the sectors’ returns. Furthermore, estimates from the ARCHLM model provide evidence of heteroscedasticity in most of the sectors’ returns. Overall results from the study suggest that the returns of NSE sectors are serially correlated and heteroscedastic. There is therefore the need to model the volatility of these sectors to increase understanding of their behaviour

Poverty and its Alleviation Lessons for Nigeria

The study focused on the persistent poverty status in Nigeria in spite of all the actions and activities directly and indirectly put in place to reduce it. Nigerian poverty statistics and government actions in tackling poverty were examined. Few countries that have succeeded in reducing poverty position were briefly examined. Specifically, we highlighted how Malaysia, China and South Korea aspired and attained high level poverty alleviation. The lessons of their success stories were the basis for recommendations for Nigeria as a panacea for poverty reduction which has persevere in spite of every efforts over the years. Among the recommendations made include designing of poverty line for the entire geopolitical zone, stating target of poverty reduction within a time frame, and sincerely implementing and monitoring of strategies, programmes and policies. Kalu E. Uma | Paul C.Obidike | Frank O. Ozoh "Poverty and it's Alleviation: Lessons for Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-4 , June 201

Effects of Exchange Rate Volatility on Low Income Residential Real Estate Investment Returns in Nigeria

This paper examined the effects of Naira/Dollar exchange rate volatility on low income residential real estate investment returns in Nigeria using EGARCH model. Time series data for an 11year period between 2000 and 2010 was used in this study. The findings reveal that exchange rate volatility has a significant positive effect on low income residential real estate investment returns in Nigeria within the study period. Magnitude of volatility and volatility persistence measured.....

Analysis of the 60-Hz power system at KSC: The Orsino substation

An analysis of the Orsino Substation, a component (50 percent) of the 60-Hertz electric power system at the Kennedy Space Center, is presented. Presented here are separate single-line diagrams of the sixteen feeder circuits to permit easy access to information on the individual feeders for future planning. The load condition of each feeder and load break switch are presented and a heuristic reliability analysis of the system is performed. Information is given about the system fashion useful for decision making purposes. The beauty of it is in the simplified manner by which information about the system can be obtained

Does Stock Returns Protect Investors Against Inflation in Nigeria?

Given that one of the major challenges facing investors in Nigeria is high inflation rate, this study investigates whether stock market returns protect investors against inflation. Monthly All-share Index and monthly consumer price index from January 1985 to March 2011 were analysed for evidence of cointegration using the Engle and Granger two steps cointegration model. Results of the cointegration analyses indicate that the stock returns and inflation are cointegrated. Similarly, results of the error correction model suggest that stock returns and inflation converge to long-run equilibrium but the speed of adjustment to equilibrium is slow. The results also suggest that inflation does not have significant short-term effects on stock returns. The study therefore concludes that the Nigerian stock market protects investors’ wealth against inflation in the long-run but not in the short-run. Key words: Stock Returns, Inflation Rate, Cointegration, Nigerian Stock Exchange

Physiochemical properties of mixed twin clay deposits in Awgbu used for pottery and possible structural applications

The practice of mixing Asha clay and Ajagworo clay deposit at Ngene-Agu site in the ratio of 3:1 by Awgbu women for pottery business is investigated. Physical (Atterberg limits) properties, elemental content, compressive strength, water absorption and characterization for individual and mixed clays were carried out. The result obtained shows that between 700 0C and 1100 0C, the compressive strength of Asha clay and Ajagworo clay derived burnt bricks did not individually meet the Nigeria specifications for structural development, while that of the mixed clay derived burnt bricks satisfied the minimum strength requirement of ∙ / at 1000 0C and above. The result also showed that the mixed clay derived burnt bricks has the least values for porosity of ∙ and water absorption at varying temperatures. This has proved that the practice by Awgbu women of mixing Asha and Ajagworo in the ratio of 3:1 raised the compressive strength to ∙ / and lowered the water absorption to a minimum value of ∙ %. This work has shown that the Awgbu mixed clay can be used for structural development in Anambara State and Nigeria.Keywords: Awgbu mixed clay, Compressive strength, Water Absorption, Porosity and Structural developmen

RESPONSE OF STOCK MARKET VOLATILITY TO FOREIGN EQUITY INVESTMENTS

This study evaluates the response of stock market volatility to foreign equity investments. Specifically, the study examines how foreign portfolio investment and foreign direct equity investment influence stock market volatility in Nigeria, using monthly data from January 2007 to July 2017. Results of preliminary analyses of stock market returns series show evidence of negative skewness, leptokurtosis, non-normal distribution, and average positive monthly return. Estimates from the GARCH-X (1,1) model show evidence of volatility clustering in the stock market returns. The estimates also show that stock market volatility responds to changes in foreign portfolio investment. On the other hand, changes in foreign direct equity investment do not influence stock market volatility. The key implication is for investors to adjust their portfolio to changes in the foreign portfolio investment, in order to mitigate stock market volatility, and for stock market regulators to encourage more inflow of foreign direct equity investment as a more stable source of foreign equity investment

The Prognosis of Acute Stroke in a Tertiary Health Centre in South-East Nigeria

Stroke is a common neurologic disorder and it is the third leading cause of mortality worldwide after ischaemic heart disease and cancer. This study determined the prognosis of acute stroke in Federal Teaching Hospital Abakaliki (FETHA) South-East Nigeria.It was a retrospective, descriptive and hospital based study conducted in a tertiary health centre in Abakaliki south-east Nigeria. The stroke register of the neurology unit was reviewed and relevant data were extracted and analyzed. Stroke accounted for 12% of medical death with 24hour, 7day and 30day mortality rate of 5%, 10% and 15% respectively. Factors associated with stroke mortality include advanced age, female sex, extremes of blood pressure, loss of consciousness and haemorrhagic stroke. There should be regular health education with emphasis on primary prevention of stroke.  Also, stroke patients should be referred early to a stroke unit for adequate management. Key words: stroke, mortality, Abakaliki, South-East, Nigeri