Fonterra Shareholders Fund Units began trading on the stock exchange today under the code FSF.

At time of writing they are trading at $6.78.

They have traded as high as $6.80 and as low as $6.50.

Fonterra Shareholders Fund Units were issued at $5.50 the top end of the indicative range. Even at $6.50 there is a tidy paper profit of over 18% for those lucky enough to get an allocation.

It will be interesting to see what happens next week. I suspect many will find the paper profit irresistable and elect to sell some of their units.