3 ASX high yielding dividend stocks beating yesterday's falling market

These three stocks managed to rise by more than 1.6%, in a falling market

Mike King

Mike King is a Fool.com.au Investment Analyst and Writer. He caught the investing bug more than a decade ago, at a time when the U.S. had invaded Iraq and fear reigned in the markets. His initial success as the markets took off encouraged his passion and thirst for knowledge. With 13 years behind him at one of Australia's largest domestic banks, Mike's passion for stocks led him to join a boutique funds management firm, where he stayed for four years. A seven-year stint in equity research at one of the largest investment banks in the world followed that, giving Mike a thirst to pursue his passion further. Mike holds a Diploma in Applied Finance and Investment and a Graduate Certificate in Financial Planning. His passion is to help retail investors invest better, and that passion was one of his primary reasons for joining The Motley Fool Australia in late 2011. Mike has written thousands of articles since joining, including for Fairfax Media, Yahoo!7, Ninemsn and has also appeared on ABC's The Business. You can see all of Mikes' holdings here

Published May 10, 2012 9:48 am AEST

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell 39.2 points yesterday, the fifth consecutive day of falls, due to ongoing economic uncertainty in Europe. These three stocks managed to rise by more than 1.6%, in a falling market.

Telecom Corporation of New Zealand Limited (ASX: TEL) (NYSE: NZT) rose 6 cents, or 3% to close at $2.06, the chunky dividend yield of 11.5% the likely attraction. Many investors appear to be worried about making capital gains, and are instead focusing on dividends as a means to make an income, while the markets recover. The Motley Fool has put together a special report on 3 high yielding ASX stocks – see the link towards the bottom of this page.

Singapore Telecommunications Limited (ASX: SGT) also rose 6 cents, or 2.4% to close at $2.53, as the company reported a S$4 billion net profit for the year to March 2012, on revenues of S$18.8 billion. SingTel, which owns Optus in Australia, also reported that it expects to grow earnings in the next 12 months, although at a low single digit level.

Duet Group (ASX: DUE) rose 3 cents, or 1.6%, to close at $1.86. Another stock offering a high dividend yield, Duet is an investment company focusing on energy utility assets, such as gas pipelines and gas and electricity distribution. The company confirmed in February 2012, that it would pay a 16 cent dividend for the 2012 financial year and is targeting 3% growth in dividends over the medium term. At the current price of $1.86, a 16 cent dividend equates to a dividend yield of 8.6% (although it is un-franked). With fairly stable and predictable earnings, and a high dividend yield, no wonder the stock rose yesterday.

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Motley Fool contributor Mike King doesn't own shares in any of the companies mentioned. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691).

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