Canadian telecom stocks rallied Tuesday after U.S. telecom giant Verizon Communications Inc. (
NYSE, VZ,
Stock Forum) said it was no longer interested in entering the Canadian wireless market.
Verizon had announced Monday that it was paying US$130 billion for the 45 per cent stake in Verizon Wireless owned by British cellphone carrier Vodafone.
Rogers Communications (
TSX: T.RCI.B,
Stock Forum) rose 6.78% to $44.41, BCE Inc. (
TSX: T.BCE,
Stock Forum) climbed 4.96% to $44.90 and Telus Corp. (
TSX:T.T,
Stock Forum) jumped 6.3% to $34.75.