It’s been a good day on the ASX for the AGL Energy Limited (ASX: AGL) share price despite no news having been released by the company.
However, it’s not alone in defying a generally poor day on the market to record a gain.
At the time of writing, the AGL share price is $5.47, 4.09% higher than its previous close.
Let’s take a look at what’s happening with the energy provider on Thursday.
What’s going on with the AGL share price?
The AGL share price is taking off today for no apparent reason, but so is the company’s home index.
The S&P/ASX 200 Utilities Index (ASX: XUJ) is currently up 1.52%, with only one of its constituents not recording a gain.
The strong performance of the AGL share price comes despite recent reports the company is cutting its workforce ahead of its planned demerger and its former CEO landing it on a list of the 5 biggest corporate mistakes of 2021.
ABC News reported yesterday the company is offering staff redundancy packages as it attempts to cut 10% of its costs.
Today, the Australian Financial Review announced it deems former CEO and managing director Brett Redman’s retirement from his role at AGL the worst instance of corporate succession of 2021.
In fact, Redman seemed to be leaving the role because of the structural separation. Thus, his departure put pressure on the company at a particularly sensitive time.
But despite today’s strong performance, the AGL share price is still in the long-term red. Right now, it is 54% lower than it was at the start of 2021.