AUS
NZ
UK
CA
USA
IND
_07_12_2023_11_05_52_936360.jpg)
Highlights
- Telstra share price gets a boost from the broader market highs and the telecom sector gains.
- While the ASX200 Communications sector index is up 1.732%, Telstra has gained 2.061%.
Telstra Corporation Limited (ASX:TLS) is making buzz on the ASX today as the telecom major’s share price has registered considerable gains. Telstra share price is AU$3.960, up 2.061% just before noon, on ASX today (1 June, 11:57 AM AEST). While over the last thirty days, TLS share price is down half a percent, today it has gained significantly.
What’s moving Telstra share price up today?
While the telecom giant has not made any new price sensitive announcements on ASX today, its share price has still moved higher. In absence of any company specific influencer, the share price push seems to be coming from the broader market strengthening.
The benchmark index ASX200 is up about 0.08% with seven of eleven sectors on a gaining streak. The biggest fifty companies on listed on ASX (in terms of market cap) are also trailing higher. Industrials and telecommunications sectors are the top two gainers before noon. The ASX50 (XFL) index a representative of these stocks has gained 0.559% since morning. Also, the ASX 200 communications services sector index (XTJ) is trading higher by 1.732% today (at the time of writing this article). Taking cues from the market Telstra share price appears to have strengthened.
Key moments for Telstra in 2022
Since the beginning of 2022, these announcements have either been noteworthy for investors or caused price movements in Telstra’s share.
- In January, Telstra changed its product reporting framework for 2020 and 2021.
- In February, the company signed a revenue accretive network sharing agreement with TPG telecom for a span of ten years.
- Telstra also shared its financial results for half year ending on 31 December 2021. The company reported a drop of around 9.4% in its total income and its earnings before interest, tax, depreciation, and amortisation (EBITDA) was down 14.8%.
Image Source-© Superdilok | Megapixl.com
- However, the company still declared an interim dividend of 8 cents per share. The distribution took place in March and as of date Telstra holds an annual dividend yield of 4.12% on its shares.
- In terms of distributions to its shareholders Telstra has been a regular payer. It has been paying dividends twice a year since 1998. Once in February or March and the second time in August or September.
Other than this Telstra has remained in news recently for a payment of AU$1.73 million to its customers, for a default in its billing system. While some customers were issued bills twice, a few were charged with irrelevant fees.
Earlier Telstra also bagged in a significant Queensland government’s contract for rolling out infrastructure to the state’s schools. The telecom major was chosen by the state for providing speedy internet services to school children.
Bottom Line
While Telstra’s latest reported financials have not shown any growth in come or revenue, the telecom giant has bagged in a few important, revenue accretive contracts. Telstra has also been a regular in paying dividends to its shareholders.
More from ASX -CDA, MIN: May’s best performing ASX shares with over 3% dividend yields-
