Why was everyone talking about the Telstra (ASX:TLS) share price today?

What happened with Telstra today?

| More on:
A young woman in a red polka-dot dress holds an old-fashioned green telephone set in one hand and raises the phone to her ear representing the Telstra share price and the opportunity for investors in FY23

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The ASX 200 had a strong day today 
  • But the Telstra share price wasn't so lucky 
  • Could news of legal action against the company be responsible? 

The Telstra Corporation Ltd (ASX: TLS) share price was one of the more interesting performers in the ASX today. As of market close, the telco was down by 1.02% at $3.88 a share. That's after Telstra opened at $3.94 this morning. In stark contrast, the S&P/ASX 200 Index (ASX: XJO) enjoyed a robust day of gains today. The ASX 200 rose by a pleasing 1.1% at over 7,100 points. 

So what went on with Telstra shares?

Well, one possible cause might be the news that the telco is facing a class action. As my Fool colleague Tony covered today, the company is facing legal action from a former employee. Former staffer Jodi Wruck has reportedly filed a case in the Federal Court against Telstra after she was fired in December following a refusal to get a COVID-19 vaccine, as per the company's vaccination policy. Wruck has also claimed that "at least seven" staff members have signed on as plaintiffs, which is the legal minimum to be classified as a class action. 

Telstra told the Motley Fool that "state and territory public health orders also required those performing essential telco work to be vaccinated".

It's unclear if this development did impact the Telstra share price today, but it is possible.

Telstra share price snapshot

Telstra shares have had a pretty miserly time of it over the year so far. In 2022, Telstra is still down by a notable 8.06% as it currently stands. It's also down by close to 10% from the 52-week high of $4.31 per share share that we saw back in January. However, zooming out, the picture looks a lot brighter. Telstra remains up close to 27% over the past 12 months, and up almost 45% since October 2020.

At the current Telstra share price, this ASX 200 telco has a market capitalisation of $45.58 billion, with a dividend yield of 4.12%.

Motley Fool contributor Sebastian Bowen owns Telstra Corporation Limited. 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 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.

More on Communication Shares

Delighted adult man, working on a company slogan, on his laptop.
Communication Shares

3 reasons to buy this quality dividend-paying ASX 200 stock today

A leading fund manager expects more near-term outperformance from this ASX 200 dividend stock.

Read more »

Delighted adult man, working on a company slogan, on his laptop.
Communication Shares

Macquarie initiates coverage of Superloop shares with outperform rating

The broker reckons Superloop has what it takes to soar.

Read more »

woman on phone
Communication Shares

Here's the earnings forecast out to 2029 for Telstra shares

Are further Telstra share price gains possible? Let’s consider the earnings outlook.

Read more »

A man surrounded by huge piles of paper looks through a magnifying glass at his computer screen.
Communication Shares

Why this fundie sees 'a potential turning point' for Seek shares

Blackwattle Investment Partners says Seek management appears to be refocused on shareholder returns.

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Communication Shares

Up 100% in a year, can the Superloop share price continue to deliver solid returns?

Superloop continues to generate momentum as its customer base expands.

Read more »

Two male ASX investors and executives wearing dark coloured suits sit at a table holding their mobile phones discussing the highest trading ASX 200 shares today
Communication Shares

Is the Telstra share price a buy right now?

Telstra shares have steadily risen over the last few months. Are they still good value?

Read more »

A cute little kid in a suit pulls a shocked face as he talks on his smartphone.
Dividend Investing

Up 38% in a year, is it too late to buy Telstra shares for the dividends?

A leading expert gives his verdict on Telstra’s passive income appeal following the stock's 38% 12-month share price gains.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Broker Notes

Why Macquarie forecasts this ASX All Ords media company is set to surge 19%

Up 42% in 2025, here’s why this ASX All Ords media stock could keep racing higher into 2026.

Read more »