14 Dec 2011

Trade Me shares edge down

12:27 pm on 14 December 2011

Trade Me shares edged down in trading on Wednesday, after the online auction site made its stock market debut on Tuesday.

Fairfax Media has sold a third of its stake in the online trading site as part of moves to reduce debt.

The company enjoyed a strong start, rising 7%, and investors appear convinced Trade Me can continue to exploit its dominant position and continue to expand.

But chief executive Jon Macdonald, says the company is not getting carried away by its successful launch.

''We're already back at work,'' he said.

The shares have fallen 6 cents to $2.84 each.