Investing.com - The European telecommunications sector was among the best performers in midday trade on Tuesday, boosted by Vodafone 's pledge to reduce operating costs.
The European telecom index (SXKP) was up 2.3% by 6:40AM ET (1140GMT) to touch its highest level since August 22.
Shares of Vodafone Group PLC (LON:VOD) rallied around 7% in London after new chief executive Nick Read, who took charge last month, said he would cut costs and seek to maximize the value of its masts and towers to drive higher returns at the world's second largest mobile operator.
Read outlined his strategy as Vodafone reported a slowdown in second-quarter organic revenue growth. Analysts at Bernstein said the results were "expectedly wretched".
Elsewhere across the sector, shares in Germany's Deutsche Telekom (DE:DTEGn), Spain's Cellnex Telecom (MC:CLNX) and France's Orange SA (PA:ORAN) all traded higher by 1% or more.
Bucking the positive trend, shares of Telecom Italia (MI:TLIT) declined in Milan after the company sacked Chief Executive Amos Genish. It gave no explanation for Genish's sudden departure, barely a year after he took the reins of the underperforming company.
Telecom Italia said in a statement that it would meet on Sunday to appoint a new chief executive.