Telstra shares hit 58-month high

Our Friends From Business Spectator Would Like to Congratulate Telstra Corporation Ltd For a job well done:

At the 1615 AEST official market close Telstra units grew 2.77 per cent to $4.82, against a benchmark index rise of 1.09 per cent. The telco touched a high of $4.84 earlier in trade. 

Telstra was the most heavily traded stock, with 57.045 million shares changing hands. 

IG market analyst Stan Shamu said Telstra appeared to be headed to $4.96 in the short term, the level reached in June 2007.

The biggest story on Australian markets today was the “the relentless march higher of the yield play”. 

Mr Shamu said…