S&P/ASX 200 gains 0.63%; Telstra sells towers business for $2.8 billion

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: TNT Mines reels in $5.25 million in strongly supported placement TNT Mines Ltd (ASX:TIN) has received firm commitments from existing and new, institutional and sophisticated investors for a strongly supported placement that has raised A$5.25 million. Alice Queen's diamond drilling identifies new broad gold zone at Horn Island Project Alice Queen Ltd (ASX:AQX) has identified a broad gold zone at Tatooine anomaly during exploration diamond drilling across a new priority target area at the Horn Island Project in the Torres Strait of Far North Queensland. Musgrave Minerals intersects high-grade gold during diamond campaign at Lake Austin gold target Musgrave Minerals Ltd (ASX:MGV) has intersected high-grade basement gold mineralisation during diamond drilling at West Island target of the Lake Austin joint venture with Evolution Mining Ltd (ASX:EVN) in Western Australia's Murchison district. Strategic Elements’ moisture-fuelled battery powers Bluetooth sensor device Strategic Elements Ltd (ASX:SOR) has achieved a critical development milestone, using its moisture-powered battery to charge a Bluetooth sensor device. Lithium Australia's first generation LieNA® processing technology to receive patent from European Patent Office Lithium Australia NL’s (ASX:LIT) (OTCMKTS:LMMFF) (FRA:3MW) first-generation LieNA® lithium processing technology is set to be granted a patent from the European Patent Office, which will provide legal protection in nominated European countries for 20 years from the date of filing. Paradigm Biopharmaceuticals submits responses to US FDA questions regarding Investigational New Drug application Paradigm Biopharmaceuticals Ltd’s (ASX:PAR) (OTCMKTS:PBIGF) submitted responses to the US Food and Drug Administration (FDA) regarding questions on its Investigational New Drug (IND) application have been received. 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.