👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

European telecom stocks rally on merger optimism

Published 14/02/2024, 14:19
© Reuters. FILE PHOTO: Vodafone's logo is displayed, during the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain March 1, 2023. REUTERS/Nacho Doce/File Photo
TLIT
-
SCMN
-
TEF
-
VOD
-
BT
-

LONDON/MILAN (Reuters) - Shares in Vodafone (LON:VOD) led a sudden spike across European telecom stocks on Wednesday.

Vodafone rose as much as 7% in London, and other telecom stocks in Europe also saw a burst higher, with BT (LON:BT) last up 2.8%, while M Telecom Italia (BIT:TLIT) rose 1.1%, Swisscom added 1.1%, and Orange and Telefonica (BME:TEF) rose less than 1%.

Two London-based traders attributed the rally to a report that raised the prospect of pickup in M&A activity in the sector.

© Reuters. FILE PHOTO: Vodafone's logo is displayed, during the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain March 1, 2023. REUTERS/Nacho Doce/File Photo

Earlier in the day, Reuters reported that the EU could relax merger rules in the sector and get large tech companies help fund costly network upgrades.

The European Commission document seen by Reuters, said EU regulators may ease their rules against mobile telecoms mergers and also broaden telecoms rules to get Big Tech and others to help fund the rollout of 5G.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.