How Have COVID-19 Confirmed Cases and Deaths Affected Stock Markets? Evidence from Nigeria

Emerging Markets: Finance eJournal Pub Date : 2021-02-01 DOI:10.5709/CE.1897-9254.437

N. Abu, Awadh Ahmed Mohammed Gamal, M. Sakanko, A. Mateen, J. David, Bennett Amaechi

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引用次数: 18

Abstract

This study assesses the effect of COVID-19 proxied by the number of confirmed cases of the infection and deaths on Nigeria’s stock market over the 23rd March to 11th September 2020 period using the autoregressive distributed lag (ARDL), canonical cointegrating regression (CCR), dynamic ordinary least squares (DOLS) and fully modified ordinary least squares (FMOLS) techniques The bounds test to cointegration result reveals that a long-run relationship exists between COVID-19 and Nigeria’s stock market (along with oil prices and exchange rate) The results of the various estimations demonstrate that COVID-19 (proxied by the number of confirmed cases of infection) has a negative and significant impact on stock market performance, while the number deaths has a positive and significant impact on the market in the long-run In addition, oil prices and exchange rate have a significant and positive effect on stock market performance in the long-run Similar results were found for sub-sectors including consumer goods and healthcare sub-sectors of the stock market The study recommends policies to curb the spread of the virus

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COVID-19确诊病例和死亡人数如何影响股市?来自尼日利亚的证据

本研究利用自回归分布滞后(ARDL)、典型协整回归(CCR)、协整结果的边界检验表明，COVID-19与尼日利亚股市(以及油价和汇率)之间存在长期关系。各种估计的结果表明，COVID-19(以确诊感染病例数为代表)对股市表现产生了负面且显著的影响。此外，石油价格和汇率对股票市场的长期表现也有显著的积极影响，包括消费品和股票市场的医疗保健子行业在内的子行业也发现了类似的结果。研究建议了遏制病毒传播的政策

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Emerging Markets: Finance eJournal

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