“…Market anomalies include, amongst others, the day-of-the-week effect (also known as the weekend effect, Monday effect, or intraday effect), the January effect, the turn-of-the-month effect, the weather effect, and the small firm effect. The day-of-the-week effect has been extensively investigated by researchers in various countries, including Alagidede (2008), Berument and Dogan (2012), Brusa and Liu (2004), Choudhary and Choudhary (2008), Chukwuogor (2007), Darrat et al (2013), Dicle and Levendis (2014), Hsieh and Chen (2012), Jefferis and Smith (2005), Kalidas et al (2013), Latif et al (2011), Mbululu and Chipeta (2012), Ndako (2013), Plimsoll et al (2013), Rowjee (2014b), Smirlock and Starks (1986), Ulussever et al (2011).…”