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.