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Telstra is the ASX Most Active as it outlines staff chopping block plan

Over $200 million in shares has changed hands in the first two hours of trade.

The most active stocks at noon

Telstra Ltd (ASX:TLS) is by far the most active stock on the market today, trading 74 million shares by noon, with the valuation wiped down by 5.5% to $2.75.

Driving the negative sentiment is the company's new strategy to improve customer experience, simplify structure and cut costs.

What this means is that many staff will be on the chopping block, with up to 8,000 employees to go.

Restructuring costs have been put in the $600 million bracket.

Importantly for retail investors is the dividend, and while the telco doesn't provide forward guidance, it has confirmed FY18 will be 22 cents per share.

Coming in second on the most active is Atlas Iron Ltd (ASX:AGO), which has traded over 40 million shares, yet its share price has remained flat on the day at 4.4 cents.

This remains a premium to Hancock's off-market takeover bid for 100% of the shares at 4.2 cents.

Perhaps traders are anticipating a bidding war for Atlas' assets and additional higher offers.

Company Name Code Last Change Volume
Telstra Corporation Ltd TLS 2.750 -$5.50 73,986,498
Atlas Iron Ltd AGO 0.044 $0.00 32,259,674
Lakes Oil NL LKO 0.002 $0.00 30,100,000
Caeneus Minerals Ltd CAD 0.001 $0.00 27,466,600
Manas Resources Ltd MSR 0.005 $0.00 16,829,938
Esports Mogul Asia Pacific Ltd ESH 0.026 $8.33 15,936,160
Gladiator Resources Ltd GLA 0.006 -$14.29 12,519,978
Emeco Holdings Ltd EHL 0.365 $1.39 12,390,512
Metals Australia Ltd MLS 0.005 $0.00 12,104,492
White Cliff Minerals Ltd WCN 0.002 $0.00 11,075,037

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Market: ASX
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