Banks, Telstra lift Australian shares

Banks, Telstra lift Australian shares

If the last unemployment figure becomes a trend, that will have a big impact on how people position portfolios going forward. Telstra shares leapt 2. 2 per cent to $5. 56 after it reported a full year net profit of $4. 3 billion and announced it will return $1 billion to investors through a share buyback and increase its dividend for the second time this year.

The major banks also supported the market higher, though Commonwealth Bank of Australia had a wobbly day before closing up 0. 7 per cent to $81. 02, not quite managing to recover the losses it sustained on Wednesday after posting an $8. 7 billion record profit.

Read more here: SMH


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