UPDATE 2-Australia's Coles rises up to 7 pct on trading debut as broader market wilts [Reuters]
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Source: Reuters
Australia's Coles rises up to 7 percent on trading debut as broader market wilts | Reuters 3 Min Read SYDNEY (Reuters) - Australia’s second-biggest grocery chain, Coles Group Ltd ( COL.AX ), traded as a standalone listed company for the first time in over a decade on Wednesday, with its shares rising as much as 7 percent by the midday break. The 104-year-old mainstay of Australian life had since 2007 been owned by conglomerate Wesfarmers Ltd ( WES.AX ), which in March decided to spin off the A$17 billion supermarket operator to pursue higher-growth investments. Its shares traded within a range forecast by analysts, even as the broader share market sank to its lowest level in 21 months following a sell-down in U.S. markets overnight. A Coles cashier of 51 years rang a bell before a gathering of Coles executives, staff and media at the Australian Securities Exchange (ASX), after which the shares began trading at A$12.49 giving the firm a market value of A$17.27 billion ($12.48 billi
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