Telkom’s shares rose as much as 13.6% to R98.20 on Monday, more than any full-day gain since June 2008, after the partially state-owned telecoms group reported better-than-expected annual earnings thanks to strong growth from its mobile business. Buoyed by rising foreign ownership and optimism that Telkom will unlock value from its vast property portfolio, the company’s stock has more than doubled in value since reaching a low of R47.50 in September 2018. On Monday, the stock closed at R90. Group CEO Sipho Maseko told Business Day: “I’m hoping that people are beginning to understand the story in terms of what is the long-term value we are trying to create. We look at the share price but it doesn’t inform our strategy. We remain very committed to our strategy.”  Maseko, who has been at the helm for more than six years, has returned Telkom to profit through a major restructuring of the business, which included job cuts. He said “shareholders who are with us for the long term will be r...

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