About 200,000 share trades in Pike River Coal stock were
reversed yesterday after the New Zealand stock exchange
closed for the 2pm memorial service for the missing 29 miners
but inadvertently, the Pike stock was allowed to come off a
13-day trading halt.
Brokers were astounded to see Pike stock reopen for trading
at 2.02pm after the nationwide two minutes silence, for about
two minutes, and 200,000 shares changed hands by about
Following the first explosion on November 19 at Pike River's
underground mine near Greymouth, its shares closed on the day
at 88c, but were yesterday sold down at 20c before trading
Then all the trades were reversed, with the last trade
standing at the original 88c on November 19.
Craigs Investment Partners broker Peter McIntyre said a
computer glitch may have caused the problem and when trading
in Pike was reactivated, automatic sell requests began
flowing through the system.