Shares in telecommunications giant Telstra Ltd hit an all-time low today, before rebounding to close just slightly lower at $2.67.

Telstra's share price has reached a record low twice this week: today's low of $2.63 was three cents lower than the previous record of $2.66. The telco's shares have fallen from $3.28 over the past 12 months.

The closing price is three cents below a recent price target set by Commonwealth Bank Institutional Equities, which has a 'sell' recommendation on the stock.

Shares in Telstra fell this week after chief financial officer John Stanhope conceded that political difficulties might push out the company's hopes for a shareholder vote on its $11-billion national broadband network deal with the government from its June 2011 deadline.

The Melbourne-based company signed a deal before the federal election to gradually shut down its fixed-line networks and transfer its customers across to the national broadband network.

Legislation to split Telstra's retail and wholesale businesses is yet to be passed.


Source: http://www.businessspectator.com.au/bs.nsf/Article/Telstra-shares-hit-all-time-low-again-pd20100924-9L9KG?opendocument&src=rss