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Diverging Paths: A Comparative Study of Oil Price Sensitivity in African Stock Markets

Amal Essayem et al.

South African Journal of Economics2026https://doi.org/10.1111/saje.70015article
AJG 1ABDC B
Weight
0.50

What the paper says

ABSTRACT This study examines the dynamic relationship between crude oil prices and African stock markets, using daily data from 10 African stock markets for the period 2014–2024. Employing wavelet coherence analysis and MGARCH‐DCC, it introduces a dynamic, comparative framework, improving upon static approaches. The study reveals generally weak correlations under normal conditions; however, significant co‐movements emerge during crises like the COVID‐19 pandemic, often driven largely by speculative hot money rather than fundamental economic linkages. The findings reveal substantial heterogeneity in how African stock markets respond to oil price changes, with oil‐exporting economies experiencing heightened volatility linked to fiscal dependence on oil revenues, whereas oil‐importing countries are more exposed to inflationary pressures.

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https://doi.org/https://doi.org/10.1111/saje.70015

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@article{amal2026,
  title        = {{Diverging Paths: A Comparative Study of Oil Price Sensitivity in African Stock Markets}},
  author       = {Amal Essayem et al.},
  journal      = {South African Journal of Economics},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/saje.70015},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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