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ABSTRACT: This work seeks to forecast stocks of the Nigerian banking sector using probability multivariate
time series models. The study involved the stocks from six different banks that were found to be analytically
interrelated. Stationarity of the six series were obtained by differencing. Model selection criteria were employed
and the best fitted model was selected to be a vector autoregressive model of order 1. The model was subjected
to diagnostic checks and was found to be adequate. Consequently, forecasts of stocks were generated for the
next two years.
KEYWORDS: Stationarity, VAR models, Stable process, White noise process and Cross correlation.
I. INTRODUCTION
Most times, the issue of stock investment, stock market and stock trading is treated with less interest.
Both the learned and the illiterate world quickly switch to other channels when stock and its related discuss are
going on television. Most people find it difficult to believe that stock is another viable area to invest in
especially at this period of economic doldrums. The Stock and shares represent ownership interest in a business
while stock market is a branch of the capital market. The capital market is the backbone of any economy and
is made up of the money market and the capital market. The money market (commercial banks) is concerned
with the trading of short-term instruments like bank deposits, treasury bills and treasury certificates while the
capital market involves the long-term instruments. The two markets complement one another and thereby
leading to a robust and balanced development of the financial system. The capital market comprises markets and
institutions that facilitate the issuance and secondary trading of long-term financial instruments. Meanwhile, the
money market functions basically to provide short-term funds. The capital market provides funds to industries
and governments to meet their long-term capital requirements such as financing of fixed investments like
buildings, plants, machinery, bridges etc. The capital market plays key roles in stimulating industries thereby
enhancing robust economic growth and development. One could imagine what the economy will be in the
absence of a capital market. Definitely, industrial growth would be deterred as the money market is not designed
to provide such funds. The presence of a secondary market such as the stock exchange is a vital aspect of the
capital market. Therefore, the stock market is at the heart of capital market development in any country.
1.1
Stock exchange
A stock exchange is an arrangement (or place) where large and small investors alike buy and sell
(through stock brokers) securities (shares and bonds) of companies and government agencies respectively. This
arrangement could be through computers, telephone, fax, trading floor etc. The stock exchange provides the
essential facilities for companies and government to raise money for business expansion and development
projects through investors who own shares in corporations for the ultimate benefit of the economy. Stocks and
shares represent ownership interest in a business. People invest in stock in other to share in the fortunes of
companies. Some people buy stocks with the hope of seeing their capital grow; but keeping pace with inflation
has always been the investors primary objective.
Before investing in stock as well as any business, certain steps are necessary. The stock market is a
financial game of winners and losers as is obtainable in any business. This necessitates why people understudy
businesses to know its nitty-gritty before investing in them. If this is not well taken care of, the investor stands
the risk of losing his investment while the opposite is the desired good news. The challenge now is how do
investors identify viable stocks and guide it towards making profit? Is there a way to predict the stock market?
An investor may see the price of a certain stock advancing and choose to invest in it without taking into
cognizance the price movement and the likely movement in future. Being oblivious of the future can sometimes
be dangerous and disastrous in business as it may cause a huge loss of investment. It is therefore pertinent that
the prediction of the likelihood of the future stock trend is desirable. Time series stand tall in addressing the
challenge.
For one to better understand stock prices on the stock exchange, reference on the past data is needed.
Hence, the work of most researchers have been recorded and documented for the purpose of reference and
historical reasons. In other that data or observations be made relevant in determination and prediction of the
future, it becomes necessary that regard is made to time.
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II.
LITERATURE REVIEW
Based on recent economic uncertainty, several discussions on the volatility of the stock market cannot
be avoided. In describing the current market, Robert Engle, a finance professor at New York University stated,
We have no idea where things are going (Merle, 2008). Many a times, investors in stock have lost their
investments as a result of poor market analysis. Researchers over the years have researched on the possible
methods that could enable investors in stock to manage their investments gainfully.
Abdulsalam et al (2011) used regression and a data mining technique to developed tools for exploiting
essentially time series data in financial institutions. They built a prediction system that uses data mining
technique in producing periodic forecasts of stock market prices. Their technique was a complement to proven
numeric forecasting method using regression analysis. The financial information obtained from the daily activity
summary (equities) was taken as input. Regression analysis was adopted as a data mining technique to describe
the trends of stock market prices of the Nigerian stock exchange. Finally, predictions were made on the future
stock market prices of three banks in Nigerian banking sector.
Campbell (2000) used multivariate system in modeling financial variables like stock returns. This
multivariate system allows stocks in one variable to propagate to the others. Campbell (2000) used vector auto
regression as a mechanism to link vector stationary time series together. It was discovered that price formation
was impacted by certain frictions like trading costs, short sale restrictions and circuit breaker.
Amihud (2002) found that expected market illiquidity positively affected ex ante stock excess return
over time. Additionally, stock returns were found to be negatively related over time to contemporaneous
unexpected illiquidity and the illiquidity in turn affected small firm stocks strongly.
Quintana and West (2009) introduced new models for multiple time series. These new models were
illustrated in an application to international currency exchange rate data. The models provided a tractable and
sequential procedure for estimation of unknown covariance structure between series. They carried out a
principal components analysis which enabled an easy model assessment.
Chordia et al (2003) explored liquidity movements in stock and treasury bond markets over a period of
more than 1800 trading days. They found that a shock to quoted spreads in one market affected the spreads in
other markets and the return volatility was an important drive of liquidity. Innovations to stock and bond market
liquidity and volatility was proved to be significantly correlated. The correlation results confirmed that the
common factors drive liquidity and volatility in the markets play an important role in forecasting stock and bond
liquidity.
Lendasse et al (2000) developed a method to predict non-linear tools. This method was able to find
non-linear relationships in artificial and real-world financial series. The method used several information as
input to compress the model to a state vector of limited size. This facilitated the subsequent regression and the
generalization ability of the forecasting algorithm of fitting a non-linear regression on the reduced vector. An
improved result was obtained when the method was compared to linear and non-linear models that such
compression was not used.
Larsen (2010) developed a stock price prediction model. He used a novel two layer reasoning approach
that employed domain knowledge from technical analysis in the first layer of reasoning. This process guided a
second layer of reasoning based on machine learning. The model was supplemented by a money management
strategy that used the historical success of predictions made by the model to determine the amount of capital to
invest on future predictions. When the method was tested based on a number of portfolio simulations with trade
signals generated, the model successfully outperformed the Oslo Benchmark Index (OSEBX).
Lee et al (2000) used the Auto-Regressive Integrated Moving Average (ARIMA) model to examine the
impact of German hyperinflation in the 1920s stock returns. The result of the study showed that the
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III.
METHODOLOGY
3.1 Stationarity
A time series is said to be stationary if its statistical properties remain constant through time. These properties
are mean, variance etc. A non stationary series can be made stationary by differencing. The differenced series
is given as
= 1 =
(1)
3.2 Backward shift Operator
The Backward shift Operator is defined by
=
(2)
3.3 The Backward Difference Operator
The backward difference operator, , is define by
= 1
(3)
3.4 Cross Correlation
Given two time series variables and , the cross correlation for is given as
=
(4)
where,
=
=1
= 0, 1,2
and are the sample means of and , and are the sample standard deviations respectively.
3.5 White Noise Process
A white noise process = (1 , , ) is a continuous random vector satisfying
= 0, ( ) = and = 0 for .
(5)
= covariance matrix which is assume to be non singular if not otherwise stated.
3.6 Vector Autoregressive (VAR) Model
The vector autoregressive (VAR) model gives an approach in modeling dynamics among a set of time
dependent variables. It is an independent reduced form of dynamic model which entails constructing equation
that makes each endogenous variable a function of their own past values as well as past values of all other
endogenous variables. The basic -lag Vector autoregressive VAR model has the form.
= + 1 1 + 2 2 + + + a ; = 0, 1, 2,
(6)
where
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1
1
11
12
1
1
21 22
.
.
.
.
1
1
1
2
11
21
++
.
.
1
. 1
. 1
2
.
.
.
.
. 1
.
12
.
22
.
.
.
.
.
.
.
.
.
2
11
2
21
+
.
.
2
1
1
2
.
+
.
11
21
.
.
1
. 1
.
2
.
.
.
.
.
2
12
2
22
.
.
2
2
1
2
.
.
.
.
.
.
.
2
. 1
. 2
2
.
.
.
.
. 2
12
22
.
.
2
(7)
Post multiplying both sides by and taking expectation, we have for = 0 using z = z ()
z 0 = 1 1 + + +
= 1 z (1) + + z +
(10)
If > 0
z () = 1 z 1 + + z
(11)
From these equations, the autocovariance functions z l for can be obtained if 1 , , and z p
1,,l0 are known.
3.9 Autocorrelation of a Stable VAR(p) Process
The autocorrelations of a stable VAR () process are obtained from the matrix
= 1 z 1
(12)
Where, is a diagonal matrix with the standard deviation of the component of on the main diagonal. Thus,
1
0
11 0
1 =
(13)
1
0
()
(14)
(0) (0)
= +
= +
2
= +
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= +
2
To test for 0 , the autocorrelations of the residuals are computed and their absolute values are compared with
2
2
. If these absolute values are all less than
; it is concluded that the multivariate model is adequately fitted.
V. FORECASTING
Suppose the fitted model in (6) is found to be adequate, then it can used to generate forecasts. The forecasts are
generated by obtaining the estimates:
= + 1 1 + 2 2 + +
; = 0, 1, 2,
Given the forecast origin , the forecasts so obtained are the minimum mean square error forecasts (Lutkepohl,
2005).
First bank
40
30
Access
bank
20
UBA
10
1
10
19
28
37
46
55
64
73
82
91
100
109
118
127
136
145
154
163
172
181
190
199
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20
DAccess bank *
10
DUBA *
-10
1
10
19
28
37
46
55
64
73
82
91
100
109
118
127
136
145
154
163
172
181
190
199
DUnion bank *
DWema bank *
DWema bank *
-20
-30
-40
Figure 2 : Time series plot of the six differenced series
The plots in figure 2 clearly show that the six series are stationary and the multivariate technique can now be
applied.
6.3 The Raw data Correlation Matrix
The correlation matrix of the six random variables ( .) below shows that the variables are highly
positively correlated. Hence, the multivariate technique can address the interrelationship amongst the variables.
1.000
0.636
0.801
0.655
0.055
0.750
0.655
0.800
0.740
1.000
0.803
0.605
0.636
1.000
0.704
0.800
0.718
0.649
( .) =
0.801
0.704
1.000
0.740
0.691
0.789
0.556
0.718
0.691
0.803
1.000
0.806
0.750
0.649
0.789
0.605
0.806
1.000
6.4 The Cross Correlations
The cross correlation matrices at different lags (lags 1 5) are displayed in appendix A. The high values further
confirm the interrelationship among the variables and the appropriateness of fitting multivariate model to the
series.
6.5 Model Selection
The AIC, BIC and HQC at the different lags are displayed in table 1of appendix B. The three selection criteria
attains minimum (the bolded values) at lag 1. Hence the selected model is (1).
6.6 Model Presentation
Using equation (7) in the methodology, the (1) model with significant parameters is presented in matrix
form as shown:
1
1
11
0.718 0.000 0.000 0.000 0.000 0.058
0.357
2
2
21
0.000 0.882 0.000 0.000 0.000 0.301
0.000
3
3
31
0.000 0.000 0.940 0.000 0.041 0.169
0.000
+
4 =
41 + 4
0.000 0.000 0.000 0.998 0.000 0.000
0.000
5
51
5
0.000 0.119 0.017 0.106 0.842 0.000
0.348
6
61
6
0.000 0.000 0.000 0.000 0.000 0.975
0.000
(15)
This can be expressed explicitly as follows:
First Bank :
1 = 0.357 + 0.71811 + 0.05861 + 1
(16)
Access Bank : 2 = 0.88221 + 0.30161 + 2
(17)
UBA :
3 = 0.94031 0.04151 + 0.16961 + 3
(18)
Union Bank : 4 = 0.99841 + 4
(19)
Wema Bank :
5 = 0.348 0.11921 + 0.01731 + 0.10641 + 0.84251 + 5 (20)
GTB :
6 = 0.97561 + 6
(21)
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DIAGNOSTIC CHECKS
After obtaining the multivariate model (15), the next step is to ascertain whether the model is adequately fitted
or not. The following diagnoses are carried out to this effect.
7.1 Residual Autocorrelation Function
As stated in section 4 of the methodology, the following hypothesis are applied:
0 : = 0 versus 1 0
In the series, we had = 204
This gives the boundary condition for residual autocorrelation function to be
2
= 0.1400
204
= 0.1400.
Comparing the values of autocorrelations in the residual correlation matrices at different lags (lags 1 3)
in appendix A with , , we find that none of the residual autocorrelations is greater than 0.1400. This
means that the residuals follow a white noise process. In other words, the fitted model is adequate.
7.2 Residual Plots
The residual plots obtained by fitting the model (15) are plotted in appendix D. The plots show that all the six
residual series: 1 , 2 , 3 , 4 , 5 , 6 of the residual vector resemble a white noise process which is part
of the assumptions needed to be satisfied for model adequacy.
VIII.
FORECASTS
Since the constructed model has satisfied the basic assumption of model adequacy, it can be used for generating
forecasts. The forecasts for the years 2016 and 2017 generated by multivariate model are displayed in table 1 of
appendix E.
0.803
0.745
0.808
0.608
0.703
0.718
0.666
0.689
0.506
0.524
(iii) Lag 3
0.656
0.636
0.803
0.557
0.661
0.808
0.752
0.810
0.609
0.702
0.717
0.673
0.689
0.513
0.631
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0.808
0.752
0.817
0.610
0.702
0.717
0.688
0.687
0.526
0.549
0.658
0.636
0.803
0.557
0.669
0.808
0.752
0.817
0.610
0.702
0.717
0.688
0.687
0.526
0.549
(v) Lag 5
Appendix B
Table 1: Values of the Selected Criteria with their Respective lags
SN
1
2
3
4
5
6
7
8
9
10
11
12
13
14
p
0
1
2
3
4
5
6
7
8
9
10
11
12
13
AIC
-8.9166
-22.1034
-21.9974
-21.8943
-21.7537
-21.6691
-21.4904
-21.322
-21.2109
-21.12358
-21.0089
-20.9415
-21.0198
-20.9061
BIC
-8.9166
-21.5179
-20.8263
-20.1377
-19.4115
-18.7413
-17.9771
-17.2232
-16.5265
-15.8659
-15.1534
-14.5004
-13.993
-13.2939
HQC
-8.9166
-21.8666
-21.5237
-21.1837
-20.8062
-20.4847
-20.0692
-19.664
-19.316
-19.004
-18.6402
-18.3359
-18.1774
-17.8268
M(p)
0
2484.5532
43.8279
42.8496
35.1302
42.7995
26.7579
27.2192
34.2149
37.6525
29.2669
35.2615
50.6697
26.6779
p - Value
0
0
0.1735
0.2009
0.5098
0.2023
0.8684
0.8538
0.5537
0.3935
0.7791
0.5035
0.0533
0.8709
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0.5
0.0
-0.5
-1.5
-1.0
-0.5
0.0
Union.bank
0.5
1.0
50
100
150
200
50
150
200
150
200
150
200
time
50
100
150
0.0
-0.2
-0.6 -0.4
-0.5
0.0
0.5
Wema.bank
1.0
0.2
1.5
0.4
time
100
200
50
time
50
100
150
-0.4 -0.2
0.0
GTB
0.2
0.0
0.4
0.2
time
100
200
50
100
Appendix E
Table 1 : Forecasts of the Multivariate Model
Year
2016
2017
Month
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
First bank
13.5
13.86
16.11
15.56
16.35
17.16
13.62
16.24
15.74
15.22
15.33
17.42
21.22
31.18
27.13
29.21
31.61
28.71
27.53
20.15
21.34
23.66
23.17
23.01
Access bank
3.31
3.02
3.72
3.41
4.17
5.16
5.23
5.72
7.34
7.45
7.23
8.16
6.13
7.36
5.23
6.45
6.19
6.26
7.62
6.77
6.38
6.92
6.15
6.78
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UBA
9.46
11.13
12.15
12.82
14.12
19.01
13.51
13.6
12.96
12.88
11.6
13.21
11.32
14.6
12.33
13.72
12.08
12.16
11.44
10.55
7.05
9.77
8.82
9.35
Union bank
11.82
11.44
11.93
12.22
12.01
16.93
18.56
23.99
20.87
21.65
21.74
27.36
27.01
29.67
27.89
29.22
31.77
39.56
39.21
26.33
25.65
25.34
23.55
21.44
Wema bank
2.51
2.77
2.46
3.44
3.16
1.44
2.89
1.34
2.11
2.57
1.56
1.67
5.44
5.87
6.47
6.23
7.13
5.17
5.67
4.99
3.62
3.82
3.16
3.37
GTB
2.88
2.72
2.74
2.95
2.44
2.54
4.31
3.83
3.98
3.33
4.01
4.06
13.11
15.02
16.72
16.18
11.11
12.01
11.13
11.24
12.55
11.19
12.13
11.22
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2000
2001
2002
2003
2004
Month
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
First bank
12.6
13.8
18
20.25
15.65
13.28
12.6
12.6
12.6
12.6
12.6
12.6
10.1
10.65
9.6
10
9.8
9.7
8.7
8.2
7.4
7.89
6.9
10
9.9
10.5
10.6
15.33
13.4
15.4
9.3
9.3
9.25
9.5
11.01
11.69
12.3
14.86
14.21
15.34
16.07
16.96
14.31
16.18
15.5
15.62
15.76
18.4
19.74
27.52
26.77
29.16
34.56
32.35
25.1
22.15
22.95
22.17
22.19
22
22.65
24
23.44
24.75
25.2
25.15
20.3
20.75
Access bank
3
5.5
8.5
10
9.1
6.47
3.83
4.26
4.35
3.26
3.26
3
3.51
3.43
4.3
3.45
3.45
3.05
3.2
3.1
2.9
2.7
2.53
2.41
3.45
3.35
3.03
2.86
2.7
3.8
2.55
2.56
2.41
3.34
3.75
3
3.43
3.66
3.18
3
3.67
5.46
5.75
6.89
6.11
7.06
6.04
7.45
7.2
8
8.2
7.85
8
8.99
9.04
9
9.2
9.98
9.3
9.1
8.77
9.2
8.72
8.85
8.86
11.79
12.9
6.61
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UBA
6.25
10.2
13.25
15.45
13.8
11.3
13.2
11.1
6.25
6.9
6.7
6.25
7.8
8
7.75
7.55
7.13
8.24
8
6.9
7.4
8
8.1
8.08
7
6.5
6.4
6.61
6.8
9.25
8
6.75
6.72
7.4
7.5
8.4
9.12
11.59
12.03
11.5
14.44
18.9
12.45
13.5
12.96
12.88
11.6
13.2
13.2
15.44
12.9
14.6
15.2
12.75
13.9
13.5
12
12.52
11.2
11.91
10.55
10.79
10.1
9.6
10
10
7.44
6.87
Union bank
13.3
11.9
15.25
16.7
16.3
10.8
9
10.29
12.28
10
10.2
13.3
10.93
11.4
10.74
10.7
10.7
10.7
10.7
10.67
10.7
10.7
9.6
9.9
6.9
7.35
8.1
7.8
9.78
10.1
8.55
8.26
11.3
10.25
10.9
11.05
11.45
11.04
11.29
11.01
12.01
16
18.06
22.63
20.6
20.85
21
28.4
29.3
32.1
32.5
34.85
38.01
39
24.49
23.19
24.91
24.91
24.91
24.91
24.91
24.91
24.91
24.91
24.91
21.62
18.61
18.75
Wema bank
2.3
5.19
2
2.24
2.47
3.45
4.07
3.9
3
2.3
2.3
2.3
2.32
2.42
2.53
2.3
2.15
1.95
1.92
1.83
1.7
2.16
2.63
2.7
2.9
2.4
2.15
1.95
2.28
3
1.91
2.2
1.75
2.05
2.48
2.48
2.48
2.48
2.48
3.48
2.36
1.98
2
1.9
2
2
1.76
1.82
1.87
1.9
2.05
2.34
2.77
2.85
2.8
2.97
2.91
3.84
4
3.98
4.19
3.99
4.41
4.85
4.91
5.51
5.41
5.37
GTB
4.05
9.95
10.1
11.25
11.45
5.12
5.55
4.71
5
4.55
4.4
4.05
4
4
3.9
3.05
3.05
3.6
2.35
2.35
1.73
2
2.3
1.85
1.9
1.9
1.75
1.94
2.71
2.6
2.6
2.4
2.35
2.35
2.4
2.25
2.45
2.57
2.4
2.35
2.57
2.35
3.02
3.6
3.74
3.68
3.41
4.2
5.6
5.17
5.25
5.71
5.7
5.7
5.7
5.7
5.7
5.37
5.9
6.1
6.38
6.4
6.87
6.72
6.03
6.34
5.28
5.57
41 | Page
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2008
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2010
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MAY
JUN
JUL
AUG
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OCT
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DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
19.96
19.57
20.49
21.05
24
24.83
26
26.1
28.26
27.97
19.96
20
20
20
20
20
20
30.98
28.1
29.99
30.5
28.3
28.98
22.95
22.35
25
24
23.6
23.42
23.35
22.46
26.17
29.4
30
30.99
31.11
32
32
32
32
33.12
37.5
37
44.74
48.99
53.5
62.9
42.77
42.6
41.23
37.1
32.59
36.89
38.11
38
40.4
8.3
15.7
51.54
37.4
39.91
34.4
43.51
44.7
40.5
42.34
44.45
41.11
43.4
43.4
5.84
6.98
6.98
6.98
6.98
6.98
6.98
6.98
6.98
6.98
6.98
6.98
6.83
6.83
6.83
6.83
6.83
6.83
6.83
6.83
6.83
6.83
6.83
6.83
6.83
6.83
6.63
6.63
6.63
6.63
6.63
6.63
6.63
6.63
6.63
6.63
9.1
9.1
9.1
9.1
9.1
9.1
9.1
9.1
7.5
6.9
6.6
7.93
8.23
10.7
11.12
11.51
11.51
11.51
11.51
11.51
11.51
11.51
22.68
30.49
30.49
30.49
30.49
30.49
26
25.67
25.8
25.94
25.58
25.48
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5.96
5.43
5.8
5.79
7.45
8
7.99
7.41
7.51
6.68
6.08
6.38
6.19
10.2
10.5
10.39
11.99
13.6
12.49
12.9
12.61
11.05
11.46
10.01
7.94
9
8.8
9.05
10
10
10
10
10
9.4
9.4
13.06
14.93
14.98
13.44
13
11.9
11.6
12.81
12.75
13.48
14.99
14.84
20.5
22.3
22.7
24.56
26.62
32.93
37.99
37.99
37.99
43.96
50.15
56.95
50.6
52
51
50.25
49.5
48.9
48.9
48.99
54.7
61.5
31,71
18.14
19.54
19
21.33
26
27.94
26.5
27.28
29
29.1
19.8
21.68
22.65
22.4
23.95
25.01
27.97
29
27.39
28.45
30.55
35.99
38
25.37
24.7
25
23
21
20.34
19
22.35
24.59
24.59
24.59
27.1
25.53
25.96
25.1
25.48
25.48
25.48
25.48
25.48
25.48
25.48
30.55
27.8
29.35
28.56
26.46
25.23
24
27.6
29.94
30
33.51
39.49
41.4
46.09
36
40.78
42.31
41.01
43.06
42.7
43.122
44
36.98
38.5
34.63
5.76
5.76
5.76
5.76
5.76
5.76
4.48
2.99
2.98
2.99
3
3.08
3.1
3.58
4.21
4.33
4.37
5.59
6.12
6.08
5.84
5.6
5.1
4.7
3.22
3.7
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.74
3.74
3.74
3.74
3.74
3.74
3.74
3.74
2.79
2.28
3.52
3
3.13
3.25
4.51
4.86
5.16
6.05
8.45
9.3
10.95
10
8.98
9.57
15
15
15
15
15
15
15
15
5.3
4.9
4.9
5.1
6.31
6.03
5.95
6.9
5.21
5.08
5.11
5.54
6.3
8.15
8.18
10.99
13.25
14.96
16
16.8
11.94
11.94
11.94
11.94
11.94
11.69
11.69
11.69
12
10
9
9.98
9.06
10.4
10
10.6
12.53
12.95
12.11
12.4
13.12
13.7
15.09
16.61
12.7
14.23
13.99
18.34
18.67
17.9
16.2
18.06
22.86
29.9
32.23
37.7
31.9
34.6
33
29
29.89
29.53
30.25
34.63
33
32.93
35.96
33.4
33.4
33.6
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27.7
29.57
22.26
23.7
22
14.23
17.65
15.58
18.96
19.99
16.07
14.85
14.85
14.3
14.85
14.01
14.5
14.7
14.4
16.39
15.42
14.21
13.5
13.4
12.9
11.9
11.74
13.14
13.73
14.76
15.17
13.95
13.43
13.48
12.5
12.44
10.66
9.26
10.02
9.2
9.67
9.56
9.4
9.4
9.78
10.02
10.92
11.73
11.74
14.85
16.21
16.24
16.28
16.3
16.48
17
17.08
18
18.03
18.55
19.03
19.2
19.4
20.2
20.2
24.97
22.21
30.98
31.95
11.96
9.86
5.8
8.14
5.9
5.77
7.05
7.39
6.2
5.22
3.13
2.66
2.02
2.52
2.7
2.6
2.7
2.3
2.03
1.97
2.08
1.94
2
2.01
2.18
2.18
2.19
2.11
1.85
1.78
1.6
1.32
0.73
0.64
0.95
0.85
1
1.14
1.1
1.2
1.2
1.4
1.27
1.32
7.6
7.62
8.62
8.9
8.96
8.05
11.1
11.7
10.2
9.12
11.37
10.9
11.06
11
10.35
9.69
10
9.6
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31.77
24.82
27.27
19.26
16
12
7.38
10
8
9.13
15.79
12.3
13
11.4
14.12
12.2
11.63
11.83
11.86
13.3
15.2
11.8
11
10.7
10.5
9.13
9.01
9.02
9.12
9.15
9.76
9.99
7.6
5.9
6.25
5.64
5.15
4.11
3.69
3.16
2.55
2.67
2.67
2.71
2.61
3.74
4.08
3.66
4.75
4.83
4.5
4.58
4.5
4.56
6.87
8.06
8
6.89
8.52
8.1
7.82
7.67
7.55
7.82
7.51
8.9
42
42
42
33
18.31
16.31
7.38
10
8
9.13
15.79
16.26
13.73
12.6
6.91
7.3
6.05
7.2
6.55
5.93
6.05
5.55
5.3
4.85
5.63
4.95
4.72
4.87
4.62
4.2
4.1
3.61
3.46
3.01
2.77
2.7
2.28
2.09
2.09
2.09
2.09
4.59
5.87
6.7
2.71
3.95
3.8
3.73
4.24
4.65
7.51
7.84
7.3
7.35
8.4
10
10.15
9
10.3
12.44
12
11.74
10.25
10.1
10.1
9.63
15
15
15
14.29
14.29
14.29
14.29
9.51
4.7
2.23
3.15
3.42
2.17
1.78
1.16
1.32
1.1
1.4
1.08
1.27
1.05
1.15
1.12
0.99
1.08
0.89
1.01
1.03
1.11
1.29
1.71
1.72
1.33
1.18
1.08
1
0.89
0.76
0.68
0.64
0.55
0.54
0.54
0.52
0.5
0.54
0.5
0.5
0.5
0.51
0.5
0.54
0.5
0.5
0.86
1.08
1.72
1.36
1.2
1.22
1.25
1.08
1
1.25
1.14
1.22
25.65
20
22.88
16.17
15.31
13.09
8.35
11.18
9.88
11.03
11.64
12.72
14
13.97
13.52
15.5
15.5
15.6
17.81
18.07
21.98
17.54
17.01
16.66
16.8
15.4
15.98
15.98
16.6
17.76
18.13
19.05
19.97
16.21
16.3
15.58
14.4
12.54
12.67
14.6
14.1
14.08
14.45
14.06
13.49
16.02
15
15
17
18
19.15
19.8
19.35
23
24.57
24.6
26.1
25.55
29.99
24.3
25.8
25.78
25.1
25.3
27.3
27.02
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