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

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