Telstra, Singtel, People Telecom | Stock Report March 10, 2009

Wrap up of today's stock movements on the ASX telecommunications index

The ASX telecommunications sector shed nearly 4% today, primarily dragged down by index heavyweight Telstra (ASX:TLS), as the hunt begins for a new CEO to replace Sol Trujillo .

Telstra dropped 14c to close at $3.14, 32% off its 52 week peak, as investors shrugged off plans to upgrade its broadband speeds in the big cities.

Singapore Telecommunications (ASX:SGT) by contrast shifted up a small amount to close at $2.49, with investors apparently unconcerned at the potential implications the Telstra upgrade has for the NBN.

The big mover today was People Telecom which rose by over 7% to close at 44c, albeit off significantly smaller volume than Telstra or Singtel.

NZ Telecom (ASX:TEL) closed at $1.83, down 3.5c

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Telstraoptuspeople telecomsingtel

More about People TelecomRoseSingapore TelecommunicationsSingtelTelstra Corporation

Show Comments
[]