Stocks of the Hour: AMP, BHP, Telstra

AMP (ASX:AMP) will divest its 19.1 per cent equity interest in Resolution Life Australasia for $524 million. The sale will complete the company’s exit from its former life insurance business, AMP Life, which it sold to Resolution Life last year for $3 billion. Shares in AMP (ASX:AMP) are trading 8.6 per cent higher at $1.17.

Mining giant BHP (ASX:BHP) has started talking with Wyloo Metals about the proposed takeover of Noront Resources. To allow more time for discussions to progress, BHP is extending the initial expiry of its offer from November 9 to November 16. Shares in BHP (ASX:BHP) are trading 1 per cent higher at $35.93.

Telstra (ASX:TLS) has renewed its contract with the Australian Department of Defence, signing a five-year deal worth over $1 billion. It is the largest-ever customer contract of its kind signed by the Telstra Enterprise. Shares in Telstra (ASX:TLS) are trading flat at $3.90.