Individual Investors’ Expectations And Stock Price Behaviour: Evidence From The Nigerian Stock Market

  • Ogbebor, Siyanbola, Alalade, Awonuga


Investors consider several factors in selecting stocks to invest in but those strongly influencing
their choices are diverse but some of these factors affect the behaviour of stock prices. In the case of Nigeria,
this has not been well investigated, hence, this study explores factors that individual investors consider in stock
selection which in turn impacts stock prices of companies listed on the Nigerian Stock Exchange. A validated
Questionnaire for was used in investigating factors which investors consider. Regression analysis (correlation
analysis and ANOVA) was the inferential statistics employed and the study concluded that the explanatory
variables were jointly significant in explaining stock price behaviour in Nigeria. The recommendations include
that companies listed in Nigeria should pay attention to factors such as foreign investment flows, inflation,
range of products and board composition which are factors which investors lay emphasis on while investing.