At lunch time yesterday 3984 shares were traded for $1, and at 5pm there was an order for another 6000 shares at $1.
Silver Fern Farms (SFF) chairman Eoin Garden expected some initial activity on the exchange, including some from shareholders who opted not to take up the rights issue as part of the company's recent capital restructuring.
"Whatever the speculation, there will not be a market until somebody sells and somebody buys."
Following shareholder approval to restructure the company, farmer shareholders were able to convert their rebate and supplier investment shares into a new class of ordinary share, which can be sold in a private deal to another farmer, or on the open market to any investor.
Yesterday's sale would have originated from a shareholder.
Mr Garden said the listing was a watershed moment for the company, and would provide a measure of how well it performed.
It also removed the redemption risk, or shareholders cashing in their shares, which could undermine the company's capital base, an issue he said plagued all co-operatives at various times.
Mr Garden said the listing could also facilitate the issuing of more shares if needed to target the 25% of shareholders who did not participate in the share swap and rights issue.
