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Stock market investors are regarded as rational being, but during stock market liquidity, investors tend to exhibit herding behaviour. Several factors affect stock market liquidity, but the liquidity of Conglomerate and Consumer goods sectors may not be obvious. This study examined the impact of stock market liquidity on herding behaviour of investors in Nigerian stock market with focus on Conglomerate and Consumer goods sectors. Monthly data of stock returns and market capitalization for fifteen years from 2001 – 2015 were used and 28 companies' stocks from both sectors were considered. OLS model was used to determine the impact, existence and extent of herding behavior in these sectors. The results showed that stock market liquidity had impact on herding behaviour in both sectors and during high and low market liquidity, there is an evidence of herding behaviour which is not statistically significant in Conglomerate sector compared to Consumer goods sector. The study recommended that NSE should make information available to all market participants in order to boost their confidence in making their own decisions.

Impact of Stock Market Liquidity on Herding Behaviour: A Comparative Study of Conglomerate and Consumer Goods Sectors