Telecom equipment maker

Nokia

(NOK) - Get Report

climbed 4.5% in morning trading after announcing it would begin buying back 50 million shares on March 30.

International rivals

Alcatel

(ALA)

and

Siemens

(SI) - Get Report

were also doing well, up 3% and 4.3% respectively.

Ericsson

(ERICY)

was down 0.5%