Two of the market’s most popular dividend stocks headed in opposite directions after reporting their interim results last month. Telstra held its interim dividend flat at 15.5 cents and the stock is down 13 per cent post-result; Commonwealth Bank increased its dividend by one cent to $1.99 and the stock is up six per cent. Both stocks are now ex-dividend. Other major bank stocks are also higher over the last month but the outsize weight of Telstra in many retail income portfolios means the stock is dragging on portfolio performance early in 2017. Telstra’s bottom-line result disappointed market expectations and the company guided towards the lower end of its full-year earnings range.
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