Shares in Telkom continue to gather momentum, with the stock gaining 1.32% in early morning trade today, taking it to R55.98.
The recent gains, which have seen the share price expand 104.6% over the past year, have taken Telkom to a market capitalisation of R29 billion as the price moved up 73c this morning. By comparison, the JSE's all share index gained 1.02%.
Telkom's 52-week high is R62.15, a milestone it hit early last month, and its 52-week low is R26.22, which it dropped to towards the end of last November.
Its gains have continued despite its indications that earnings for the half year will be lower as 2013 contained once-off gains that will not be repeated.
Telkom's share price has been on a recovery 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 its bottom line. Gains also came as it improved operating profit.
The decline in the value of the fixed-line operator's stock followed 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.
Telkom, which listed in March 2003, saw its 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.
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