Today’s ASX top stocks: AGL Energy (AGL ↑11.0%), Chorus (CNU ↑10.1%)

Posted: 21 February 2022 12:33 pm
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The 10 biggest movers on the ASX.

Top performer badges for ASX trading so far today go to AGL Energy (AGL, up 11.0%) and Chorus (CNU, up 10.1%).

Largest gains on the ASX Monday 21 February 2022

AGL Energy (AGL) was the biggest mover on the ASX today, with shares in the company rising 11.0% to $7.95.

The move follows Atlassian CEO Mike Cannon-Brookes' and Canadian renewables company Brookfield's joint bid to take over AGL.

Under the deal, which has so far been rejected by AGL, they would pay $8 billion for the company at $7.50 per share.

Under the consortium, assets including the Latrobe Valley coal power station will be shut down 15 years earlier. With AGL currently producing around 8% of Australia’s emissions, it would help Australia transition faster.

AGL Energy chairman Peter Botten said the proposal did not offer shareholders a premium for such a significant change.

"Under the unsolicited proposal the board believes AGL Energy shareholders would be forgoing the opportunity to realise potential future value via AGL Energy's proposed demerger as both proposed organisations pursue decisive action on decarbonisation," he said.

Mr Cannon-Brookes, who has been critical of Australia’s climate change action so far, told ABC RN Breakfast the proposal included the stipulation the coal plants would be closed by 2030.

"That dispels the long term demise of coal-fired power because it will drive the power prices down during the day, and these old coal-fired power stations will not be able to survive," Mr Cannon-Brookes said.

AGL Energy trades in the utilities sector.

Learn more about investing in AGL Energy in Finder's full guide.

The second place for market gainers went to Chorus (CNU), the telecommunication services company. Its shares rose 10.1% to reach $6.87.

Shares in Chorus jumped off the back of strong half-yearly results to the period of 31 December 2021.

The company announced that fibre connection increased by 47,000 to 918,000, while fibre uptake increased by 67%.

Net profits after tax are up to $42 million compared with $27 million last year.

Off the back of these figures, Chorus will buy NZD$150 million of its own shares.

Chorus CEO JB Rousselot said he was pleased with the continued broadband growth in the company's fibre areas.

"The continued growth in fibre demand is a testament to the reliability fibre broadband is delivering through the challenges of the ongoing COVID pandemic," he told the market.

"We saw the lockdowns and other public restrictions in the first-half ramp up the average data usage on fibre to new record highs of more than 600 gigabytes per month."

Find out more about investing in Chorus in Finder's full guide.

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The top 10 biggest movers on the ASX so far today were:

StockPrice% change
AGL Energy (AGL)$7.9511.0%
Chorus (CNU)$6.8710.1%
The a2 Milk Company (A2M)$5.789.1%
Hansen Technologies (HSN)$5.225.5%
Mount Gibson Iron (MGX)$0.595.4%
Magnetic Resources NL (MAU)$1.494.9%
Regis Resources (RRL)$2.084.5%
Jervois Mining (JRV)$0.704.5%
3P Learning (3PL)$1.704.3%
Westgold Resources (WGX)$2.224.2%

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Each weekday we round up the best performing stocks on the Australian Securities Exchange (ASX), ranked by price percentage from market open to 11am. To avoid higher price volatility we only include stocks with market caps of more than $200 million. Price changes are calculated by 11am on the trading day, but these prices may be subject to minor variation depending on data availability.

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