Canada's BCE shares rise to their highest level since March 2020

- BCE Inc. shares rose as much as 1.7% to the highest level since March 2020 after the telecommunications company said second-quarter profit beat analysts' forecasts.

Revenue was up 6% to C $5.7 billion, close to analysts' average estimates of C $5.73 billion. The result comes as government governments across Canada relaxed Covid 19 restrictions, with 81% of eligible population have received at least one dose of vaccine, according to CTV News.

Average billing per mobile user rose 3.3% to C $72.21. Adjusted earnings were 83 Canadian cents per share, compared to average analyst estimate of 79 cents. 'BCE is also lapping high-margin comparisons with easy year-on-year, while high-minor roaming fees may rebound as travel resumes. 'The company recently committed C $2.1 billion to buy licenses for 5 G wireless airwaves, the second highest figure after rival Rogers Communications Inc. The Auction for 3,500 MHz spectrum drew in over C $8.9 billion, far more than analysts expected. 'Continued healthy free cash flow and Bell's overall strong financial position are enabling our historic network acceleration in every region, supported by public policy encouraging next-generation infrastructure investment, Chief Executive Officer Mirko Bibic said in a statement.

BCE shares were up nearly 14.6% this year as of Wednesday's close, behind the 16.6% gain of the S&P TSX Composite Index. They were up about 1.2% to C $63.13 at 9: 43 a.m. in Toronto.