A Comparative Analysis Of The Effect Of Covid-19 On Stock Prices Of Quoted Manufacturing Firms In Nigeria
Dr. Henry Waleru Akani
Department of Banking and Finance, Rivers State University Nkpolu - Port Harcourt, Rivers State, Nigeria
Keywords: Comparative Analysis, COVID-19, Stock Prices, Quoted Manufacturing
Abstract
This study examined the difference in the stock prices of quoted manufacturing firms in the pre-covid 19, during covid 19 and post covid 19. The purpose was to examine the differences in the stock prices of quoted manufacturing firms in Nigeria. 6 manufacturing firms were selected using random sampling techniques. Statistical mean and standard deviation were employed to answer the research questions while t-test was used in testing the null hypothesis at 0.05 level of significance. The study revealed about the paired sample correlation between the pre-covid 19, during covid 19 and the Covid 19. The results disclosed that the correlation value is of -.553 before African Paints Nigeria Plc and AshaksCem Plc, this implies that there is negative correlation before Austin Laz and Company Plc and Avon Crown Caps and Containers in the pre-covid 19 while the covid 19 shows 16.5 percent over the periods. However, other pairs in the table have positive and significant relationship. Table 4.3 revealed a higher mean among the pairs in the pre-covid 19 and the covid. The standard deviation of the pairs is also found to be lower in the pre and covid 19. The concerned confidence intervals did not observe zero between them which we can interpret that the sample results are significant, the value of the t-test and t-significant of the shows that, the pairs are statistically significant. the probability coefficient of the t-test from the pairs is 0.0000 less that the critical of 0.05 at 5 per cent level of significance, the study accept the alternate hypotheses that there is significant difference in the stock prices of manufacturing firms in pre-covid 19 in Nigeria. We recommend that the manufacturing firms should intensify effort in developing more competence in formulating strategies of enhancing prices in the post Covid 19 periods. The manufacturing industries will require government bailout as Nigerian manufacturing are in a weak financial state, which has further been exacerbated by the Covid19 pandemic.