Nwosu, E. O., Orji, A., & Anagwu, O. (December 01, 2013 This paper examines the weak form of market efficiency of 5 top stock markets; 4 being African and 1 being developed for the period 1998 to 2008. Results indicated that the African markets do not behave in a manner consistent with the weak form of market efficiency. These results provide a contrast between the emerging African markets and the developed markets. The journal found that developing African markets had higher average returns and volatility compared to developed markets which makes sense because higher risk is associated with higher return. An argument was that in markets could be less volatile, they would attract more investment