Fonterra could be about to sneeze, and the rest of the country could catch the cold.

Shares in the dairy giant have been placed on a trading halt both here and in Australia, as it reviews its financial statements for the year to July.

The company has found its financial earnings may be different from the earnings guidance given to the market.

JMI Wealth director Andrew Kelleher told Mike Hosking the news is concerning, and not just to the dairy sector.

"They are already down 20% this year, and they are one of the biggest workplaces in the country."

LISTEN ABOVE AS ANDREW KELLEHER SPEAKS TO MIKE HOSKING