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ABSTRACT
This research work empirically investigates the influence of macroeconomic factors on stock market behaviour in Nigeria utilizing ordinary least square (OLS) technique. We utilize four macroeconomic variables which are oil prices, money supply, exchange rate and inflation rate from 1993 – 2022. With stock market capitalization (proxy for stock market behaviour) as the dependent variable, we estimate regression estimate of the model. The OLS result shows that supply of money positively and significantly influence the behavior of Nigeria stock market whereas oil prices, inflation and exchange rate fail the significant test. The paper recommends Adoption of a realistic exchange rate as well as measures to reduce domestic inflation should be enthusiastically followed in so as to reduce the adverse effect of inflation on the behavior of stock market in Nigeria.
