Telcos just had a huge day on the ASX

A shares of a group telco and tech companies surged on the ASX today in response to reports of a merger and to a string of annual results.

The wider market lost ground with the ASX200 closing, down 0.29%.

However, TPG Telecom added a massive 21.6% rise to close at $7.65 after the telco confirmed talks with Vodafone Australia on a possible merger.

Telco Vocus closed up 7.42% to $2.75 despite cancelling dividends.

The company posted full year profit of $61 million, an improvement on last year’s loss of $1.46 billion. Revenue up 4% to $1.9 billion.

Telstra, Australia’s biggest telco, came along for the ride, closing 7.2% higher at $3.27.

Mobile phone and broadband player Amaysim didn’t fare so well. It closed at $0.97, down 3.4%.

Wisetech was up 27% to $19.90 after the Australian software solutions provider for logistics companies released annual results showing strong growth in revenue.

The company, which floated on the ASX in 2016 with IPO price of $3.35, posted a 44% increase in revenue to $221.6 million over the year to June.

Net profit after tax was up 28% to $13.9 million.

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