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. shares traded within a range forecast by analysts, even as the broader share market .AXJO 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 billion).