The Australian sharemarket closed little changed in light newsflow today but investors continued to pile in to Telstra, sending the telco to its highest level in more than nine years.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index rose 12.9 points, or 0.24%, to 5,492.8 points, while the All Ordinaries index gained 12.2 points, or 0.22%, to 5,470.3 points.
CMC Markets chief market strategist Michael McCarthy said local shares closed the week with a whimper and appear to have forgotten the biggest one-day fall since January earlier in the week, buying banks, property trusts and telcos.
"Telstra is a star performer, continuing to rise following CEO David Thodey’s announcement on Tuesday to utilise the existing retail internet user network to create two million Wi-Fi hotspots across Australia," Mr McCarthy said.
"Analysts see this as both an answer to questions of growth and a clever utilisation of existing infrastructure.
"The shares touched $5.40 today, the highest level in more than nine years."