It hasn’t been a great week for the AGL (ASX:AGL) share price

AGL has had another bad week. Let’s take a look.
The post It hasn’t been a great week for the AGL (ASX:AGL) share price appeared first on The Motley Fool Australia. –

Last week was a tough slog for the AGL Energy Limited (ASX: AGL) share price.

Despite no news having been released by AGL, its shares fell 9.39% over the course of the week. After closing at $7.99 on Friday 23 July, the AGL share price is now $7.23.

Let’s take a look at the latest news on AGL.

AGL in the news

The most recent time AGL hit the headlines was on Tuesday night when The Australian reported AGL is considering bidding for troubled solar company Autonomous Energy.

It’s unclear if the news affected the AGL share price, which fell 2.98% on Wednesday.

Autonomous Energy was one of numerous entities in the Forum Group of companies which, according to the Australian Financial Review, was under the administration of Forum Finance.

Of course, those keeping an eye on the news cycle lately will know the name Forum Finance. It is, of course, the tech business that allegedly attempted to defraud Westpac Banking Corp (ASX:WBC) earlier this month.

Most companies within the Forum Group have now reportedly been forced into administration but Autonomous Energy is set to be sold off. And AGL is supposedly ready to make the most of it.

According to The Australian, AGL is one of 10 parties looking to bid on Autonomous Energy when it goes to auction.

The publication said an AGL spokesperson refused to comment on the matter.

The latest from AGL

The last time the market heard from AGL was back on 30 June, when it released an update on its planned demerger.

The AGL share price plummeted 9.99% on the back of the update.

AGL is planning to split into 2 entities. The first, Accel Energy, will be an electricity generation business. AGL will be split from Accel Energy and will take charge of electricity retailing.

The demerger is expected to take place in the fourth quarter of the current financial year.

AGL share price snapshot

Last week’s fall sees the AGL share price 40% lower than it was at the start of 2021. It is also 56% lower than it was this time last year.

The company has a market capitalisation of around $4.6 billion, with approximately 623 million shares outstanding.

The post It hasn’t been a great week for the AGL (ASX:AGL) share price appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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