Telstra has announced it will sell nearly half of its mobile tower business for $2.8 billion and the Australian share market has increased after two days of falls on the worsening coronavirus outbreak.

The telecommunications giant said a consortium comprising the Future Fund, Commonwealth Superannuation Corporation and Sunsuper will buy a 49 per cent stake in Telstra InfraCo Towers. 

The business is the largest mobile tower infrastructure provider in Australia, with around 8,200 towers, and the deal values the unit at $5.9 billion. 

Telstra will return approximately half of the sale proceeds to shareholders and maintain a majority stake in the business. 

The company said $75 million will be invested into improving services in regional Australia. 

Telstra chief executive Andy Penn said the announcement was a significant milestone with the establishment of the infrastructure assets as a separate business designed to better realise the value of the assets. 

"The increased commercial focus on Towers since its establishment as a standalone business within Telstra is already delivering efficiencies and we look forward to working with our partners to sustain its market leadership over the long term."

Mr Penn said Telstra was approached by the consortium earlier this year and the deal is expected to be completed early next year. 

Previously Telstra planned to sell a strategic stake in the towers business by the end of 2022.

This deal is expected to be completed early next year. 

Future Fund chief executive Dr Raphel Arndt said the investment added to its significant infrastructure portfolio. 

"We are very pleased to have secured this investment for such a high quality consortium," he said.

Late last year the company announced it would restructure Telstra into three businesses: InfraCoTowers, InfraCo Fixed, which would own and operate telecommunications infrastructure, while ServCo would be the consumer arm. 

Telstra shares were up 4.4 per cent to $3.76 at midday.

AGL splits its business

AGL Energy will change its name to Accel Energy and demerge its retailing business, AGL Australia, into a separate ASX-listed entity by the end of 2022. 

Accel Energy will hold the coal-fire power plants and wind farms and AGL Australia will be a retailer of electricity, gas, internet and mobile services. 

Accel will have a minority stake in AGL Australia of 15 to 20 per cent. 

It will also scrap special dividends. 

As a result, AGL shares have dropped 7 per cent to $$8.47.

Dan Gocher from investor advisory group the Australasian Centre for Corporate Responsibility slammed the plans. 

"Investors continue to be frustrated by AGL's continued denial of the need to bring forward the closure dates of its Bayswater and Loy Yang A coal-fired power stations."

Nuix confirms ASIC investigation 

Troubled software firm Nuix has confirmed it is being investigated by the corporate regulator. 

It told the stock exchange that it understood the Australian Securities and Investments Commission (ASIC) is conducting an investigation into former chief financial officer Stephen Doyle, his brother Ross Doyle and father Ronald Doyle in regard to allegations of insider trading. 

Nuix chairman Jeffrey Bleich said the company was very concerned.

Nuix also said that ASIC's Financial Reporting and Audit Enforcement Team had begun a separate investigation into its affairs. 

It said the regulator was investigating breaches of the Corporations Act in relation to Nuix's float prospectus lodged with ASIC and the Australian Securities Exchange and its financial statements for 2018, 2019 and 2020. 

"Nuix is not aware of the precise nature of the investigation beyond the information outlined above and has not received any formal notification from ASIC." 

The company was raided by the Australian Federal Police last week in relation to the investigation into Stephen Doyle. 

Nuix listed on the ASX late last year in what was described as the biggest initial public offering of the year. 

Its shares have slumped since then, having initially surged to a high this year of $11.86 in January. 

Nuix shares dropped a further 13 per cent today to $2.20 by 12:20pm AEST. 

ASIC looking at crypto currency assets 

The corporate regulator has also announced it is looking into risks in cryptocurrency assets such as exchange traded products and other investments and has asked for feedback on a consultation paper. 

ASIC said crypto assets have attracted significant attention globally and it was aware of demand for domestic crypto-assets.

"However, there is real risk of harm to consumers and markets if these products are not developed and operated properly," it warned.

ASIC regulates crypto assets and related products and services to the extent they fall under financial laws. 

Bitcoin had gained 3.3 per cent to $US35,761.41 according to Coindesk. 

ASX rises strongly on EOFY

The All Ordinaries rose 0.6 per cent to 7,615 at 12:05pm on the last day of the financial year and amid fresh record highs in the US. 

The ASX 200 index was also up 0.6 per cent to 7,345 with most sectors making gains, led by miners, technology and banks. 

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Utilities fell as AGL Energy confirmed its plans to split its business. 

Oil stocks and education firms were also lower. 

Going up very strongly were insurance broker AUB Group (+3pc), medical firm Resmed (+2.6pc) and engineering firm Worley Parsons (+2.6pc).

Going down were Nuix (-13pc), AGL (-7pc) and NIne Entertainment (-2pc). 

Rio Tinto has halted operations at its Richards Bay mineral sands mine in South Africa because of violence and community unrest.

Rio shares rose 2.4 per cent to $127.97 despite the disruption. 

The National Australia bank is the latest big bank to lift fixed term mortgage rates. 

NAB shares were up 0.3 per cent. 

The Australian dollar has come off its overnight low to around 75.2 US cents. 

Demand for housing continues with Reserve Bank figures showing that outstanding loans increased 0.6 per cent in May. 

More record highs on Wall Street

Technology stocks drove the Nasdaq Composite and S&P 500 to record highs overnight, following a rise in consumer confidence in the US. 

Consumer confidence in June rose to the highest level since the coronavirus pandemic started more than a year ago.

The Conference Board said its consumer confidence index jumped to 127.3 this month, the highest level since February 2020, from 120 in May. 

Senior director of economic indicators Lynn Franco said consumers' assessment of economic conditions had improved again, suggesting that economic growth had strengthened over the current quarter. 

Investors are awaiting the latest US jobs figures, due out later this week, which will be closely watched by the US Federal Reserve. 

 "If there's a strong nonfarm payrolls number this month and we start making progress on the unemployment rate, that changes the whole Fed narrative," said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.

The market was boosted by big name stocks like Apple and big bank Morgan Stanley. 

Morgan Stanley jumped after it doubled its dividend to 70 cents per share in the third quarter.

JPMorgan, Bank of America and Goldman Sachs also raised their payouts. 

Moderna jumped to a record high after the company's COVID-19 vaccine showed promise against the Delta variant, with a modest decrease in response compared with the original strain.

The S&P 500 marked its fourth record close in a row, although most sectors ended lower. 

It rose 0.02 per cent to 4,292,  the Dow Jones index rose 0.03 per cent to 34,292, and the Nasdaq Composite put on 0.2 per cent to 14,528. 

The US market has been boosted by massive stimulus, a rebounding US economy and strong company profits. 

In Europe, the FTSE 100 index rose 0.2 per cent to 7,088, the CAC 40 gained 0.1 per cent to 6,567, and the DAX gained 0.9 per cent to 15,691. 

Oil prices rose, with Brent crude up 0.5 per cent to $US75.07 a barrel while spot gold fell 1 per cent to $US1760.69 an ounce. 

ABC/Reuters