Telstra share price hits 8-year high amid a lacklustre trading week

Communication shares led the ASX 200 market sectors last week with a 2.96% uplift over the five trading days.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) edged 0.21% higher to close at 8,360.9 points on Friday.

Five of the 11 market sectors finished the week in the green.

Let's recap.

Communications shares led the ASX market sectors last week

The big news last week was the Reserve Bank of Australia cutting interest rates by 25 basis points for the second time this year.

All four of the big ASX 200 banks followed suit.

RBA Governor Michele Bullock said she expects underlying inflation to remain at about 2.5% for the next year or so.

Bullock commented:

So price increases have slowed and it's fairly broadly based, and this is very good news.

The Board's strategy over quite some time has been to bring inflation down while avoiding a sharp rise in unemployment.

I know this period of relatively high interest rates has been, and continues to be, challenging for many households and businesses, but it was essential we brought inflation down because inflation hurts everyone. 

Broker Macquarie is tipping three further interest rate cuts this year in July, August, and November.

Check out 13 ASX stocks that Macquarie considers rate-cut winners.

The ASX 200 communications sector was pulled higher by its largest company, Telstra Group Ltd (ASX: TLS), last week.

The Telstra share price jumped 4.86% over the week to close at an eight-year high of $4.75 per share on Friday.

There were no announcements from Telstra last week.

REA Group Ltd (ASX: X) shares lifted 1.73% to close at $252.33.

The CAR Group Limited (ASX: CAR) share price fell 1.66% to $36.16.

TPG Telecom Ltd (ASX: TPG) shares lifted 1.18% to $5.16.

The Seek Ltd (ASX: SEK) share price rose by 4.96% to $23.70.

The ASX 200 online job classifieds provider delivered a presentation at its investor day last Wednesday.

Spark New Zealand Ltd (ASX: SPK) shares rose by 1.97% to close at $2.07 on Friday.

Spark announced a new strategic network partnership with Nokia Oyj (NYSE: NOK) on Monday.

The Chorus Ltd (ASX: CNU) share price fell 0.93% to $7.49.

Last Monday, Chorus announced a delay with its $170 million capital notes offer to New Zealand investors.

Domain Holdings Australia Ltd (ASX: DHG) shares dropped 0.91% to close at $4.36 on Friday.

The Tuas Ltd (ASX: TUA) share price fell 2.07% to $5.68.

ASX 200 market sector snapshot

Here's how the 11 market sectors stacked up last week, according to CommSec data.

Over the five trading days:

S&P/ASX 200 market sector	Change last week
Communications (ASX: XTJ)	2.96%
Information Technology (ASX: XIJ)	1.99%
A-REIT (ASX: XPJ)	1.08%
Financials (ASX: XFJ)	0.86%
Healthcare (ASX: XHJ)	0.73%
Consumer Staples (ASX: XSJ)	(0.1%)
Utilities (ASX: XUJ)	(0.41%)
Industrials (ASX: XNJ)	(0.78%)
Consumer Discretionary (ASX: XDJ)	(0.91%)
Materials (ASX: XMJ)	(1.17%)
Energy (ASX: XEJ)	(1.33%)

The post Telstra share price hits 8-year high amid a lacklustre trading week appeared first on The Motley Fool Australia.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group and Telstra Group. The Motley Fool Australia has recommended CAR Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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