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S&P/ASX 200 rally takes a breather after rising about 6% since last Wednesday

Published: 14:03 12 Nov 2020 AEDT

S&P/ASX 200

S&P/ASX 200 (INDEXASX:XJO) has given back its early gain of 20 points and was down 0.28% to 6430 points at 2 pm following its rise for five successive sessions from last Thursday to yesterday.

The index has added about 6% since last Wednesday's close and is trading near its 8-month high.

Telstra splitting into three separate businesses

Telstra (ASX:TLS) surged 4.9% today after the telco announced a proposal to split its business into three separate entities which will enable it to “take advantage of potential monetisation opportunities for its infrastructure assets”.

The company’s infrastructure business InfraCo will be divided into two separate units - InfraCo Fixed, which will own and run Telstra's fixed line assets, and InfraCo Towers, which would own the mobile infrastructure.

A third unit, ServeCo, will control Telstra's mobile phone businesses, including the radio access network and spectrum assets.

Xero profit rises

Accounting platform Xero Limited’s (ASX:XRO) first-half revenue surged 21% to NZ$409.8 million compared to the same period last year.

The New Zealand domiciled company reported a half-year net profit of NZ$34.4 million, up from NZ$1.3 million the previous year.

Top gainers

Today’s top gainers on the ASX include Australian Vanadium Ltd (ASX:AVL) (+10.00%), Cellmid Limited (ASX:CDY) (+10.00%), Tempus Resources Ltd (ASX:TMR) (+10.64%), Technology Metals Australia Ltd (ASXTMT) (+11.43%), Whitebark Energy Ltd (ASX:WBE) (+33.33%), PNX Metals Ltd (ASX:PNX) (+10.00%) and Carnavale Resources Limited (ASX:CAV) (+11.11%).

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