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Telecom, the largest listed company, declared a $1.1 billion share cancellation at its third quarter report but couldn't give guidance on earnings or spending plans amid ongoing uncertainty.


"Broadly in line with what we were expecting, and certainly what the market was expecting in terms of both the earnings and the capital return, so no shocks whatsoever there," Mr Lewthwaite said.

"It's just a hard market to impress, so the fact that there were no positive surprises or no CEO announcements meant that it was just greeted with a bit of a grunt and sold off slightly."

Even more commentary from down under at this link:

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