Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/218362 
Year of Publication: 
2006
Citation: 
[Journal:] South African Journal of Business Management [ISSN:] 2078-5976 [Volume:] 37 [Issue:] 3 [Publisher:] African Online Scientific Information Systems (AOSIS) [Place:] Cape Town [Year:] 2006 [Pages:] 41-52
Publisher: 
African Online Scientific Information Systems (AOSIS), Cape Town
Abstract: 
The paper investigates seasonal effects in seventeen indices on nine African stock markets using regression analysis and the Kruskal-Wallis and Chi-square Median tests. Significant seasonal effects are found on some, but not all indices. The strongest effect observed is the month-of-the-year effect followed by the day-of-the-week effect. The West African Regional stock Exchange (BRVM) exhibited a reversed ‘December decline - January rise' pattern, while the turn-of-the-month effect observed for Egypt disappeared after the turn-of-the-year effect was removed. Using the Kruskal-Wallis test, no seasonal effects for Namibia were found. For the other markets, at least one seasonal effect was observed, suggesting some exploitable trading opportunities.
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Creative Commons License: 
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Document Type: 
Article

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