Stratatel, SP Tel, Telstra, Pipe Networks - Telco Market Wrap

Telecomms index down

The telecommunications sector closed down 2.6%, in contrast to the ASX 200 which moved up a healthy 3.4% to 3345.

In the telecommunications sector the majors all declined.

Telstra (ASX:TLS) dropped 9c to $3.06. Singtel (ASX:SGT) and Telecom NZ (ASX:TEL) both dropped 2c to close at $2.44 and $1.08 respectively.

Stratatel (ASX:STE) fell 9.6% to close at 4.7c

Two of the brighter spots in telecommunications were SP Telemedia (ASX:SOT) and Pipe Networks (ASX:PWK).

SP Telemedia rose 1.5c to close at 13.5c, a move of over 12%, likely assisted by its recent inclusion in the ASX200 after Babcock & Brown’s demise.

Pipe Networks moved up 4c to close at $3.04

IINet (ASX:IIN) also moved up 5c to close at $1.30 a move of 4%.

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