The study looked at how changes in monetary conditions in South Africa affect stock returns. Expansive monetary conditions (like interest rate cuts) tend to lead to higher stock returns, while restrictive conditions (like interest rate hikes) can result in lower or negative stock returns. This relationship is stronger during expansive conditions. The importance of monetary conditions in influencing stock market performance in South Africa has been increasing over time, showing that factors like interest rates and exchange rates play a bigger role in how the stock market behaves.