Riviera holds steady on ASX debut

Despite the bloodletting taking place in the market today, Subiaco-based exploration firm Riviera Resources has held steady on its first day of trade, closing at its 20 cent issue price.

Some 480,000 shares were traded in the company, with its share price debuting at 15 cents before dipping to an intraday low of 14c. At the end of trade the company had a market capitalisation of $2.4 million.

The listing follows a $2.5 million initial public offer which saw 12.5 million shares issued.

The company today started exploration at its Three Sisters project in Queensland.