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ASX climbs but leaves resources behind

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has followed Wall Street up, rising 1.1%, and passing through the psychologically important but otherwise unimportant  of 5,000. Financials and telcos were the best performing sectors, while materials and gold struggled again. Overnight

The Australian dollar is slightly lower against the US dollar, fetching 103.5 cents.

These three stocks were the best performers in the index, rising more than 5%.

Ten Network Holdings Limited (ASX: TEN) added 5.3% to close at 30 cents, after posting its biggest share of the metropolitan television advertising market in almost a year, despite the overall ad market falling. The company has also entered exclusive talks with Cricket Australia to obtain the cricket rights, which could see a swag of viewers switch from Nine to Ten, if successful.

M2 Telecommunications (ASX: MTU) rose 5.2%, ending at $5.44. Earlier this month, M2 announced that it was acquiring Dodo and Eftel, as it expands its business into the retail segment. Less than 12 months ago M2 acquired iPrimus as its first foray into the retail segment. Acquisitions should see M2 generate more than $1 billion in revenues in the 2014 financial year.

iiNet Limited (ASX: IIN) saw its shares rise 5%, and closed at $6.09. A competitor to M2, iiNet’s shares have been going gangbusters, doubling over the past twelve months, not surprising really when you consider the demand for fast broadband and iiNet’s position as Australia’s second-largest DSL internet provider. For the six months to December 2012, net profit jumped 122%, thanks to the acquisitions of Internode and TransACT.

With its legendary, fully franked 28 cent dividend, Telstra is the darling of Aussie investors. Chances are even if you don’t own Telstra shares directly, your superannuation fund does. But with its share price skyrocketing over the past year, is Telstra past its prime? Click here for our brand-new report: Buy, Sell, or Hold Telstra?

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The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, 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.  This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. Motley Fool writer/analyst Mike King owns shares in M2 Telecommunications.

 

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