The Globe and Mail reports in its Tuesday, Dec. 9, edition that the Communications sub-index is up 14.4 per cent this year but lags behind the Composite due to the underperformance of two major components. The Globe's regular guest columnist Gordon Pape writes that BCE has struggled, losing 12 per cent in 2023 and 36 per cent in 2024. Although shares are down only 2 per cent in 2025, many investors have already sold. BCE has faced intense competition, reduced immigration and a significant debt load from its fibre optic rollout. Struggling to maintain its high dividend, it ultimately cut the payout by over half in May. Although shares have stabilized since, they remain below last January's opening level. Telus's stock has declined for three consecutive years, though less than BCE's. Last week, Telus announced a freeze on its dividend to focus on debt reduction and invest in growth areas like Telus Health. However, even with the dividend freeze, the company's payout looks high. The best-performing stock among the big three telecoms is Rogers Communications, which has gained about 17 per cent this year. Rogers has not increased its dividend since early 2019 and currently yields 3.85 per cent. The hottest stock in the group is the smaller Quebecor.