Relationship between Stock Markets in Africa: A Case of Five Selected Countries

Abdifitah Mohamed Jama Deer, Ayben Koy


It is aimed in this study to analyze the relationship between the stock markets in Africa (Egypt, Kenya, Morocco, Nigeria and South Africa). The sample used in the study is beginning from 2009 to 2018 in a weekly data range. The main findings in the study are: (1) price indices of Casablanca stock exchange are not influenced by other stock markets in the long run (2) Egyptian stock market can be used to predict the Kenyan stock market but not Morocco, South Africa, or Nigeria, (3) South African stock market can be used to predict the Egyptian, Nigerian, and Kenya stock markets, and (4) Johannesburg stock exchange plays a vital role in effecting the stock prices of other African countries.


African Stock Markets, Causality

Full Text:



Indexing and Abstracting Services


Other Sources and Services



Creative Commons License
International Journal of Commerce and Finance is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 4.0 Unported License.

Mailing Address

  International Journal of Commerce and Finance
Küçükyalı E-5 Kavşağı, İnönü Caddesi, No: 4
Küçükyalı, Maltepe, İSTANBUL, TURKEY
E-mail :