Telstra edges down to A$5.07, Citi begins coverage at Hold
Telstra Group shares edged down Thursday, but the stock outperformed the broader Australian market after the U.S. Federal Reserve sent a hawkish signal that lifted bond yields and the dollar. Telstra moved in a range of A$5.065 to A$5.095 before closing at A$5.07. The index finished at 8,911.1. Telstra is down 2.5% in the past five sessions and now trades about 9% under its May high of A$5.58. Investors have to figure out if the drop makes the stock a buy again or if Telstra's defensive story is already in the price. That relative resilience is in focus.