Stock prices in Nigeria are influenced by factors like earnings yield, dividend yield, debt/asset ratio, and pay-out ratio. A study looked at how these factors affect stock returns from 2008 to 2017. They found that earnings yield and dividend yield had a positive impact on stock returns, while debt/asset ratio had a negative impact. Pay-out ratio did not show a significant relationship with stock returns. This means that investors in Nigeria should consider these fundamental factors when making investment decisions.