There's a sea of red on New Zealand Stock exchange as the fallout from the Brexit vote continues on our market.

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Mark Lister of Craigs Investment Partners said it was expected .

As of mid-morning, the NZX is down just over one percent.

"Most stocks are in the red," said Lister, "there's only four or five up, so it's a reasonably broad based weakness."

He said that very few had seen sharp declines, though it was a general pattern across the market.

Lister said the real test will come when some of the bigger markets in this part of the world open like Australia at midday, Japan and other Asian markets.

"If you get a weak day in Australia or Japan, and I do expect them to be a bit more sharply affected, then there's every chance our market will get dragged down a little more."

"On the whole I think we'll be a little more insulated than those around the world."