Table 2.

Result of the standard GARCH estimation.

Variables	Coefficients	Standard error	t-statistic	Prob
C	49.34364***	14.52243	3.397754	0.0007
Price (−1)	0.970478***	0.006946	139.7198	0.0000
Variance Equation
C	954.5366	366.8761	2.601796	0.0093
ARCH effect	0.234215***	0.044247	5.293353	0.0000
GARCH effect	0.761777***	0.039560	19.25615	0.0000

Source: Author's computation, 2023; ***, ** & * represents significance at the 1 %, 5 % and 10 % level of probability respectively