The Telstra (ASX: TLS) share price just hit a new 52-week high

The telco giant is receiving a strong reception today…

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The Telstra Corporation Ltd (ASX: TLS) share price has pipped its previous 52-week high today.

In early trade, the communications giant’s shares jumped to $3.61 – 3 cents above its previous high. However, the enthusiasm has since cooled off slightly.

At the time of writing, the Telstra share price is trading 2.56% higher for the day so far at $3.60.

Telstra’s latest announcement

Although not price sensitive, the company announced today that it will be solely listed on the ASX from 21 June 2021.

Telstra originally revealed its intentions to remove its New Zealand listing back in March. The rationale behind the decision is to simplify its administration processes and streamline its shareholder services.

Currently, investors can invest either via the ASX or the New Zealand stock exchange. However, from the close of business today, Telstra shares will delist from the main boards of NZX Limited (NZE: NZX). From next week, the only Telstra share price to be found will be on the ASX.

If you are a shareholder through the NZX, don’t fret. All Telstra shares will be automatically transferred across to the ASX over the weekend. If you require further information, there are more details provided on Telstra’s website.

Other recent events

Reportedly, Telstra and other large Australian companies will leave some of their employees to fund the 0.5% increase in superannuation at the start of the new financial year.

According to ABC News, a spokesperson for Telstra suggested around 5% of its workforce will have the increase taken from their base pay. The unlucky 5% were said to only comprise senior managers and executives.

Meanwhile, the rest of its employees are on enterprise agreements that will see their base pay maintained.

Telstra share price recap

The Telstra share price has swung with some volatility over the past year. Back in July last year, Telstra shares were going for $3.51. Then, they swiftly fell to $2.69 following a disappointing FY20 result. And now, after planned structural changes, the Telstra share price is trading back above $3.50 again.

Despite the resurgence, the company’s 1-year return of 12.7% is still underperforming the gains of the S&P/ASX 200 Index (ASX: XJO) over the past 12 months, which currently sit at 24.5%.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. 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 shares of 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.

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