An analysis of the Impact of COVID-19 on Stock Price of Listed Banking Industry in Nigeria
The main thrust of this study is to investigate on the Impact of COVID-19 on Stock Price of Listed Banking Industry in Nigeria. The data for the study were extracted from 2020. Using confirmed cases of COVID-19 and stock price of quoted banking firms as variables for the study. The study applied the vector auto regressive Model in analyzing the variables. The results reveal that negative relationship between COVID-19 and stock price of quoted banking firms in Nigeria though statistically insignificant. Contrarily, the result of the variance decomposition shows weak influence of COVID-19 in predicting stock price movement of quoted banking firms in the future. This means the variable do influence stock price movement in short run but does not influence it in the long run. The impulse response function graph shows that a one SD shock of COVID-19 initially has no noticeable impact on stock price in period 1 to 3. The study concludes that COVID-19 impacted on the stock price of quoted banking firms in Nigeria during period under review.
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