Vocus and TPG shares are on a tear

Joe Raedle/Getty Images

Shares in telcos Vocus and TPG Telecom ripped higher without any official news to explain the jump.

A short time ago, Vocus was up 9.4% to $2.67.

TPG Telecom shares were up 4.6% to $5.14.

Earlier today Telstra, the market leader, held its annual general meeting where chairman John Mullen asked shareholders for patience as the company makes strategic changes in a challenging operating environment.

Those changes included a much-discussed cut to Telstra’s dividend. The company announced a 30% reduction to its dividend when it reported full-year results in August.

Telstra shares were up a modest 0.4% to $3.56.

Vocus has been under pressure and faces a proposed class action of disgruntled shareholders after the telco earlier this year scaled back its profit guidance.

The owner of Dodo, iPrimus and Orcon in May downgraded its 2017 guidance forecasts including underlying net profit to $160 million-$165 million from $205 million-$215 million.

And the final result showed underlying net profit after tax at $152.3 million. The statutory result was a $1.46 billion net loss due to a once-off goodwill write-down of $1.53 billion of its Australian and New Zealand assets.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.