Worried by the high level of illiquidity currently constraining efforts to restore confidence in the nation’s stock market, operators have urged government to urgently initiate intervention measures that would help reverse the long reign of bears and revive the market.

The operators, who lamented the persistent sell pressure and investors’ apathy that have bedeviled the market since the beginning of the year, maintained that the market would not record any reasonable level of recovery if intervention measures are not put place to check the unprecedented lull.

Indeed, after posting a 26 per cent loss in 2016, the Nigerian equities market gathered momentum in 2017 with an increase of N4.5tr in market capitalisation.

This was from N9, 158tr at which it opened the year on January 3, 2017 to N13.519tr as at December 28, 2017. The All-Share Index (NSE ASI) rose by 43 per cent during the year under review from 26, 616.89 to 37,990.74.

The rally extended to the current financial year, as market capitalisation of listed equities stood at N13, 617tr as at January 2, 2018 and rose by N2, 074tr or 13.2 per cent to N15, 691tr as at Friday, January 26, 2018.

Also, the All-Share Index, which opened the year 2018 at 38,264.79 rose by 5,508 points or 12.6 per cent to close at 43,773.76.

Surprisingly, after the January and mid-February rally, the market recorded unprecedented reversal in performance contrary to analysts’ predictions.

The capitalisation, which stood at N15, 549tr as at Wednesday, February 28, now stands at N11.676 trillion as at Thursday, November 22, representing N3, 873 trillion or 33.2percent loss.

Also, the All-Share Index declined by 11,345.94 points or 35.4 per cent to 31,984.60 points from 43,330.54, achieved as at February 28, 2018.

This is in spite of strategies and strict regulatory framework and reforms introduced by the regulators to reposition the market for growth and development as well as increased the dividend yields of shares to investors.

They categorically stated that such intervention measures may not necessary come in form of injecting fund into the market, rather government can appoint receiving stockbrokers, target some companies and invest massively in their shares.