Telecom stocks in Australia, NZ slide after SpaceX spectrum deal
Telecom stocks in Australia and New Zealand tumbled on Monday after SpaceX’s acquisition of a nationwide spectrum portfolio in the US stoked fears that satellites could challenge legacy telecom firms and their network coverage.
Australia’s top telecom firm Telstra shed 2.5% to finish at a six-week low, while no.3 operator, TPG Telecom, lost nearly 5% in its worst day since early June. Spark New Zealand slipped 1.8%.
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