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JSE ends flat, but Telkom jumps

Johannesburg - South African stocks ended largely flat on Thursday although shares of fixed-line telecoms company Telkom jumped after it said it expected to post a nine-fold increase in 2013 earnings.

Telkom shares jumped 6.04% to R38.60 after it forecast a surge in earnings due to an aggressive turnaround strategy which included cost-cutting measures.

"That is what the market has been waiting for, for years. If management is actually delivering on (the cuts) then the market is really going to like it," said Reuben Beelders, portfolio manager at Gryphon Asset Management in Cape Town.

Shares of mobile communications company Vodacom jumped 3.2% to R132.

On the flip side, resources extended Wednesday's declines, led by Harmony Gold and Gold Fields, which fell after bullion prices hit 16 week lows.

Harmony fell 3.8% to R27.72 while Gold Fields shed 3.025 to R36.90.

Gold fell on Thursday on investor risk appetite while weak physical demand in top buyer China also weighed.

Johannesburg's All-share index edged up 0.07% to 49 726.64, while the benchmark Top-40 index crept up just 0.03% to 44 744.80.

Trade was relatively brisk, with 132 million shares changing hands. Advancers outnumbered decliners by 161 to 146.

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Rand - Dollar
18.94
-0.0%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.34
+0.0%
Rand - Yen
0.13
-0.1%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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