Telkom's share price gained 3.17% - or 165c - today to close at R53.56, the highest the stock has seen in about the past five years.
By comparison, the JSE's all share index gained 0.21%.
The continual increase in the value of its shares takes its market capitalisation to R27.9 billion. Telkom's share hit a 10-year high on 12 September 2007, when it closed at R92.69, before it started a downwards trajectory.
About five years ago, the stock was trading at around the mid-R50 level.
Telkom's share price has been recovering since it hit an all-time low last May, of R11.93. These gains came after it decided to impair its legacy assets by R12 billion, which the market welcomed despite the drag in profitability. Gains also came off the back of improved profitability at an operating level.
Telkom, which listed in March 2003, saw its stock hit the all-time low after a series of negative events, including government binning a proposed offer from Korea-based KT Corporation that would have seen Telkom issue 20% more shares in return for a R3.3 billion injection, an offer that was put on the table in 2011.
Its stock was also affected by its results for the year to March 2012; trading updates; the resignation of its previous CEO, Nombulelo "Pinky" Moholi; and a R449 million Competition Tribunal fine, which it agreed to pay, after initially deciding to appeal.
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