A: I think Telstra is more a buy than a sell.

The market was a touch disappointed with its result. Although it met its tight guidance forecasts, it was at the lower end – with EBITDA up only 1.6%. The result for mobiles was also a little disappointing.

Telstra is going to be a low beta stock – it won’t go down much if the market falls, and it will lag in any rally. Now definitely in the defensive category.

Yielding 6.2%, multiple of 14.7 times FY16 earnings – doesn’t look too demanding.

IAG is in the same category.

I don’t see any reason to sell either – but they are not going to be my first picks to buy, either.