NZX cancels trade in Telecom shares

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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