Shares in investment company Guinness Peat Group fell 5c in early trading following the removal of New Zealand-based Tony Gibbs.

Telecom shares have plunged to a new low as the NZX lost 2pc on opening.

US share prices were mixed as higher-than-estimated growth in construction spending and manufacturing offset a drop in energy shares.

People called Apple a flash in the pan - but Flash is on the way out and Microsoft just got passed by Apple in market capitalisation.