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The overall market, as measured by the EuroStoxx 50 index, ended the week down 1.8 percent. Of the stocks in our telecoms basket, Turk Telekom and Turkcell were hurt the most, according Telecompaper. The satellite segment escaped the downturn to end the week on top, with some double digit gains. Iliad's entry into Italy was the main news of the week, but investors appeared not te be too surprised. Year-to-date, Intelsat is the strongest stock in our European telecoms index at five times the value of the start of the year. Altice is the runner up.
 
Satellite up, Turkey down
 
The satellite industry extended its winning streak in week 22. Investors are positive about the value of their spectrum assets for 5G in the US and possibly on the outlook for satellite-based broadband. Iridium (+21%) was the best performing stock, closely followed by Intelsat (+12%), SES (+12%) and Inmarsat (+10%). Greek takeover candidate Forthnet (+15%) nestled among them. At the other end, Turk Telekom (-14%) and Turkcell (-7.4%) could not escape the market's overall negative mood.
 
Iliad enters Italy
 
Iliad (-0.2%) made its long awaited entry into the Italian market, with an EUR 6 subscription for unlimited voice and text as well as 30 GB. Investors may have been prepared, because TIM (-3.8%) and Vodafone (-0.1%) weren't hurt too much. Both TIM and Vodafone IT repsonded with zero-rated chat plans. TIM also launched a loyalty program. 
 
Major news was rather limited, last week. Iliad managed to acquire football rights for the French market. Polish Cyfrowy Polsat (-3.7%) had to skip its dividend and Telia (-0.7%) replaced the CEOs in a number of countries. 
 
YTD: Intelsat x5
 
Year-to-date, Intelsat (+409%) leads, followed at a distance by Altice (+138%) benefitting from the Altice USA spin-off. CityFibre (+37%), awaiting a formal bid from Antin, Iridium (+35%) and Spanish MasMovil (+34%) are alo doing particularly well. Tele Columbus (-35%) is the worst performing stock, with VEON (-31%), Play (-28%) and Iliad (-28%) doing just a little better.
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