Stock trades reversed

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 2.04pm.

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 was halted.

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.

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