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Verizon Will Stay Out of Canada, Spurring Relief Rally

BCE Inc., Rogers Communications Inc. and Telus Corp. rallied after Verizon Communications Inc. said it wouldn’t expand into Canada, maintaining the domestic carriers’ lock on the country’s wireless market.

“Verizon’s clarification of its intentions toward Canada should enable Rogers to recover much of the lost ground it recently succumbed to, with Telus poised for at least mid-single-digit gains and BCE likely seeing upside as well, albeit more modestly,” Adam Shine, an analyst at National Bank Financial Inc., said in a report to clients yesterday.