Telstra shares on trading halt

The shares of Australia's Telstra Corp, due to release the results of a strategic review later today, were placed on a trading halt, the New Zealand Exchange said this morning.

The exchange operator said Telstra would provide an update on the trading halt before noon New Zealand time.

Telstra is expected to release its review findings in a few hours. The telco is under pressure to cut costs and find new sources of revenue amid an expected 7 to 10 per cent fall in earnings in fiscal 2006.

Shares in Telstra closed in New Zealand on Monday at $4.64.

- REUTERS