ASX 200 up 0.5%: Telstra asset sale, AGL demerger, Nuix crashes again

The ASX 200 is on course to end the financial year in a positive fashion…

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the financial year on a positive note. The benchmark index is currently up 0.5% to 7,338.8 points.

Here's what is happening on the market today:

woman talking on the phone and giving financial advice whilst analysing the stock market on the computer with a pen

Image source: Getty Images

Telstra asset sales

The Telstra Corporation Ltd (ASX: TLS) share price is shooting higher today after revealing that it has sold a 49% interest in Telstra InfraCo Towers to the Future Fund, Commonwealth Superannuation Corporation, and Sunsuper. InfraCo Towers has ~8,200 towers across Australia, making it the largest provider of mobile tower infrastructure in the country. Telstra expects to receive $2.8 billion after transaction costs. Approximately 50% of net proceeds from the sale are to be returned to Telstra shareholders in FY 2022.

AGL sinks on demerger update

The AGL Energy Limited (ASX: AGL) share price is sinking today after providing an update on its demerger plans. Given shareholder approval, AGL Energy will become Accel Energy, an electricity generation business focused on the accelerating energy transition. It will then demerge a new entity, AGL Australia, which will be a multi-product energy-led retailing and flexible energy trading, storage and supply business. And while it has reaffirmed its guidance, it has terminated its special dividend program because of its demerger plans.

Mining shares rise

One area of the market helping to drive the ASX 200 higher today is the resources sector. The likes of BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO), and South32 Ltd (ASX: S32) are all pushing higher. This has taken the S&P/ASX 200 Resources index 1.2% higher so far today.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the Iluka Resources Limited (ASX: ILU) share price with a 9% gain. While there has been no news out of the mineral sands producer, it has recently been tipped as a takeover target. The worst performer has been the Nuix Ltd (ASX: NXL) share price with a 13% decline. News that its recently sacked chief financial officer, Stephen Doyle, is the subject of a criminal investigation into insider trading has spooked investors.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Dollar sign in yellow with a red falling arrow in front of a graph, symbolising a falling share price.
Broker Notes

6 ASX 200 shares downgraded by brokers this week

Brokers have reduced their ratings on TechnologyOne, Macquarie, 4DMedical, and others this week.

Read more »

three young children weariing business suits, helmets and old fashioned aviator goggles wear aeroplane wings on their backs and jump with one arm outstretched into the air in an arid, sandy landscape.
Share Gainers

3 ASX 200 stocks storming higher in this week's sinking market

Investors sent these three ASX 200 stocks surging in this week’s tumbling market. But why?

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why Brainchip, Fortescue, IGO, and Life360 shares are tumbling today

These shares are ending the week in the red. But why?

Read more »

Five happy friends on their phones.
Share Market News

Why Newmont, PLS and Fortescue shares are grabbing headlines on Friday

Fortescue, PLS and Newmont shares are grabbing investor interest on Friday. But why?

Read more »

Worker on a laptop in front of an energy storage system in a factory.
Share Gainers

This ASX stock just landed a $110 million battery project. Shares near record highs.

Genusplus shares lift after a $110 million battery project win in South Australia...

Read more »

A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs
Share Gainers

Why Newmont, Nuix, PLS, and Vulcan Energy shares are rising today

These shares are ending the week on a high. But why?

Read more »

two people sitting at a desk look on in dismay as a colleague holds a chart with diminishing green bars topped with a jagged red line representing a stock market crash.
Share Market News

3 ASX shares I'd buy if the market dropped again

Instead of reacting to market volatility, I think it helps to be prepared.

Read more »

A woman is excited as she reads the latest rumour on her phone.
Broker Notes

Could these ASX stocks really be set to double after crashing this week?

These companies are expected to rebound.

Read more »