Vocus Group Ltd shares rocket higher

The Vocus Group Ltd (ASX:VOC) share price climbed a massive 10% on Tuesday…

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Rocket soaring through sky

The Vocus Group Ltd (ASX: VOC) share price was the standout performer on the local share market on Tuesday.

The telco company’s shares finished the day up a massive 10% to $2.65.

Why did its shares rocket higher?

Although there was no news out of Vocus today, rival telco company Telstra Corporation Ltd (ASX: TLS) held its annual general meeting.

That presentation was reasonably upbeat and didn’t mention any deterioration in the industry since the end of the financial year.

This could have caused a relief rally of sorts, especially considering TPG Telecom Ltd (ASX: TPM) shares also rallied significantly higher.

Investors won’t have to wait long to find out whether buying shares today was the right move. Vocus is due to provide an investor update of October 23.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia owns shares of Telstra Limited, TPG Telecom Limited, and Vocus Communications Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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