أنت تستخدم إصدار مستعرض قديمًا. الرجاء استخدام إصدار معتمد للحصول على أفضل تجربة MSN.

South African stocks end flat, but Telkom jumps

شعار Reuters Reuters 29/05/2014
An electronic board displaying movements in major indices is seen at Johannesburg stock exchange in Sandton September 23, 2008. © Reuters - Siphiwe Sibeko An electronic board displaying movements in major indices is seen at Johannesburg stock exchange in Sandton September 23, 2008.

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 percent to 38.60 rand 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 percent to 132 rand.

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 percent to 27.72 rand while Gold Fields shed 3.02 percent to 36.90 rand.

Gold fell on Thursday on investor risk appetite while weak physical demand in top buyer China also weighed.[ID:nL3N0OF1XW]

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

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

image beaconimage beaconimage beacon