Shares of TPG Telecom Ltd (ASX: TPM) have hit it out of the ballpark today!
After a long and sustained fall in TPG Telecom's share price, the telco's shares have today rocketed more than 8% to $7.32. They're still trading well below their 52-week high of $12.93, but have at least rebounded from their recent low of just $6.70.
By comparison, the S&P/ASX 200 (Index: ^AXJO) (ASX : XJO) has lifted 0.7%, while TPG's rival, Vocus Communications Limited (ASX: VOC), has gained 2%. Telstra Corporation Ltd (ASX: TLS) is also up 0.7%.
The reason for TPG's strength today appears to be a presentation it released ahead of its annual general meeting this morning. The telco said it was "tracking well against guidance" that it had previously provided. It guided for between $820 million and $830 million in underlying EBITDA (earnings before interest, tax, depreciation and amortisation) for the 2017 financial year.
There have been plenty of concerns surrounding the growth prospects for the telecommunications industry as a whole, recently. Although investors were initially underwhelmed by TPG's guidance (which contributed to its share price avalanche in recent months), investors now appear to be welcoming any positive news to help boost their confidence levels.
