Domain in bold entry to market

FAIRFAX Media’s real estate spin-off Domain has begun trading on the Australian Stock Exchange with market value of more than $2 billion.

Domain chief executive Antony Catalano rang the bell at the ASX in Sydney at midday to mark the start of trade in the stock, which opened at $3.80, above analysts’ forecasts.

With 575 million Domain shares on issue, the property listings and real estate services business wrapped up its first day of trading with a market capitalisation of $2.1 billion.

At the close Domain shares were at a low of $3.69, having hit an intraday high of $3.98.

Fairfax Media took an expected fall as its highest-value asset was spun out, with shares down 31 per cent to 73.5¢. Under the separation plan, Fairfax holds on to 60 per cent of Domain while shareholders will hold the remaining 40 per cent – receiving one share in a newly listed Domain for every 10 Fairfax shares owned. HARVEY Norman executive chairman Gerry Harvey says Amazon would be “mad” to launch itself in Australia just before Christmas.

It would be unwise for the US online retail goliath to open here then given the new systems it will need to work though, and the fact it will leave online shoppers no room for error before the holidays.

“Most online players pretty much close down in the middle of December,” Mr Harvey said