Telstra (ASX:TLS) share price hits new 8-month high

The Telstra Corporation Ltd (ASX:TLS) share price is again on the move today and has hit an 8-month high. Here’s the latest on the ASX telco
The post Telstra (ASX:TLS) share price hits new 8-month high appeared first on The Motley Fool Australia. –

Investor with stock market graph hitting new all-time high

The Telstra Corporation Ltd (ASX: TLS) share price has once again hit a new high watermark. Telstra shares are today on the rise, up 1.46% at the time of writing to $3.48 a share. 

That’s a pretty decent move, especially if you consider the broader S&P/ASX 200 Index (ASX: XJO) has gone backwards today. The ASX 200 is currently down 0.39% to 6,977 points today after touching 7,000 points for the first time since the pandemic started last week. 

Today’s Telstra share price moves continue a recent run of bullish sentiment from investors for the ASX’s biggest telco. Telstra is now trading at its highest share price since August 2020. It was only back on 11 March, less than a month ago, that Telstra was asking just $3.06 a share. Back in October last year, Telstra hit a new multi-year low of $2.66. But this company’s recovery has been swift and decisive. Since 11 March, Telstra shares are now up more than 13%. Year to date, Telstra has put on 15.5%. And since October 30, almost 30%.

What’s pushing the Telstra share price higher today?

Well, today’s moves are not the result of any company-specific news. Telstra’s last official market announcement was back on 26 March. And that was a statement discussing Telstra’s plan to delist from the New Zealand Stock Exchange. Whilst that may be a blow to our friends across the ditch (and perhaps provoking some good old-fashioned trans-Tasman schadenfreude on ASX investors’ part), it’s probably not still moving the markets today.

Rather, it seems to be an extension of the momentum the Telstra share price has shown ever since the company announced its proposed legal restructuring last month. If all goes to plan, Telstra will transform into 4 separate divisions by December this year. These will be InfraCo Towers, InfraCo Fixed, ServeCo and Telstra International.

This seems to be the major catalyst that has been pushing the Telstra share price higher of late. To illustrate, Telstra made that announcement on 22 March. Since that date, Telstra shares are up almost 7%. 

Many large institutional investors like to look for ‘momentum plays’. The idea here is to hitch the proverbial wagon to a company that is enjoying the benefits of a recent pricing catalyst, and ‘rising the wave up’. That might be what we are seeing in the Telstra share price of late. It’s also possible that some investors are just seeing a stable, blue chip ASX 200 dividend share offering a fully franked grossed-up yield of 6.57% today.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Telstra (ASX:TLS) share price hits new 8-month high appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!