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OIL PRICE SHOCKS AND OIL SECTOR STOCK PRICES IN NIGERIA

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ABSTRACT
This study investigates the impact of oil price shocks on oil sector stock prices in Nigeria using a high frequency data between January 2000 to December 2010. The empirical results indicates that no significant effect of oil price is found on oil sector stock prices but there are significant effects of such macroeconomic variables as interest rate, exchange rate and real gross domestic
product on oil sector stock prices in Nigeria. Therefore the volatility in oil price does not necessarily influence the movement of oil sector stock prices in Nigeria.

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