Johannesburg - Shares of Telkom SA gain more than 5 percent after the landline provider says it urgently needs more cost cuts.

Its new chief executive Sipho Maseko has initiated a turnaround plan that would include lay-offs and cutting bottled water to staff.

Telkom's shares are up 5.3 percent at 33.92 rand, bringing total gains this year to more than 20 percent. - Reuters