Tuesday 2nd August 2011 1 Comment
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NZX Market Supervision has cancelled a trade in Telecom shares today after deeming it to be entered in error.
The market operator said the order had an adverse impact on the market because it resulted in a movement in the market price of more than 10 percent.
Brokers said the trade was at $3.30 a share when the market was around $2.66 and the transaction by a retail client was of about 600,000 shares. The error occurred around 2.24pm. NZX Market Supervision said affected trades were cancelled and trading in Telecom shares resumed at 3.15pm.
Telecom Corporation of New Zealand (TEL)
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