Telstra Hit A 9 Year High This Week

Getty/ Gareth Copley

Testra is having a great day on the ASX.

In afternoon trade shares hit a 9 year high, up 0.37% a short time ago trading at $5.38 a share.

CMC chief market analyst Ric Spooner told Business Insider he believes Telstra’s good trading day is the result of yield stocks being favoured and the market backing company CEO David Thordey’s Asian expansion plans. There’s more on that here.

“We saw a day where stocks like Telstra, CBA and other things, where yield stocks were in favour,” he said.

“It doesn’t take much for people to get interested in these types of stocks.

“It [also] represents acceptance by the market of Thordey’s comments about Telstra’s Asian plan.

“This is a different management, I think it’s a proven management as far as shareholders are concerned.”

Image: ASX

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