S&P/ASX 200 (INDEXASX:XJO) has gained 0.63% to 7,347 by about 1 pm after the Nasdaq and S&P 500 hit record highs on Wall Street overnight.
The local index is on track to advance for the ninth consecutive month in June with a monthly gain of 2.5% and a ~25% rise for the financial year which ends today.
Today’s gains have been broad-based with nearly all sectors in the green.
Communications stocks gained the most with a 2.8% lift while materials were another big mover.
Major iron ore miners including BHP Group (ASX:BHP) (+1.52%), Rio Tinto (ASX:RIO) (+2.19%) and Fortescue Metals (ASX:FMG) (+2.2%) have all gained.
Telstra to sell towers business
Telstra (ASX:TLS) shares surged 4.17% after agreeing to sell a 49% stake in its towers business, consisting of about 8,200 mobile towers, to a consortium including several superannuation funds and Australia’s Future Fund.
Net proceeds from the sale is expected to be $2.8 billion with about half of those funds expected to be returned to shareholders in FY22.
Top gainers
Today’s top gainers on the ASX include Alice Queen Ltd (ASX:AQX) (+8.33%), Aurumin Ltd (ASX:AUN) (+11.43%), Calima Energy Ltd (ASX:CE1) (+11.11%), Hiremii Ltd (ASX:HMI) (+17.35%), Strategic Elements Ltd (ASX:SOR) (+18.18%), Tempest Minerals Ltd (ASX:TEM) (+25.00%) and Westar Resources Ltd (ASX:WSR) (+9.37%).
Proactive news headlines:
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Strategic Elements’ moisture-fuelled battery powers Bluetooth sensor device
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Lithium Australia's first generation LieNA® processing technology to receive patent from European Patent Office
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Paradigm Biopharmaceuticals submits responses to US FDA questions regarding Investigational New Drug application
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AVZ Minerals halted with announcement pending on proposed equity raising
AVZ Minerals Ltd (ASX:AVZ) has been granted a trading halt by the ASX with an announcement pending in relation to a proposed equity raising.