The Telstra Corporation Ltd (ASX: TLS) share price is gaining today, despite no news having been released by the company.
At the time of writing, shares in Telstra are trading for $3.65 – 2.83% higher than their closing price yesterday.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is up by 1.77% today.
Today’s gains have seen the telecommunications giant hitting yet another 52-week high. Lately, Telstra has been regularly surpassing that milestone.
So, what’s been driving Telstra shares higher lately? Let’s take a look.
Telstra’s latest news
Interestingly, the ASX hasn’t heard any price sensitive news from Telstra since April 23, when the company announced it had secured 1000 MHz in the 26 GHz spectrum auction.
Telstra expected the spectrum to extend its 5G offering into the future.
The news saw the Telstra share price end the day just 0.23% higher than its previous close. It has since gained another 6.16%.
In non-price sensitive news, earlier this month Telstra announced it is now solely listed on the ASX, after it removed its listing from the New Zealand stock exchange.
Telstra share price snapshot
It has been a good year on the ASX for Telstra shares, which have gained 20% since the beginning of the year.
They are also 13% higher than they were this time last year.
The company has a market capitalisation of around $41 billion, with approximately 11 billion shares outstanding.
The post The Telstra (ASX:TLS) share price is gaining today appeared first on The Motley Fool Australia.
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More reading
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- ASX 200 Weekly Wrap: ASX makes it 5 out of 5
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- The Telstra (ASX: TLS) share price just hit a new 52-week high
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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