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NZX cancels trade in Telecom shares


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.

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Comments from our readers

On 3 August 2011 at 9:42 am Gayle said:
Its a pity they didn't do that when Trans Tasman Properties were off loading notes to shares. As the purchaser just said he didn't have the money to pay for the shares he bought. But while the share price rose, the bondholders were only allowed to redeem shares and because of that bogus trade, we all got far less shares than we should have, & nothing was done about the as I believe deliberate dodgy deal.
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