Johannesburg - South African stocks ended a see-saw session flat on Thursday with MTN Group among the biggest blue-chip decliners after the mobile operator cut its full-year target for new subscribers.
MTN, Africa's largest mobile operator, fell 1.4 percent to 198.30 rand.
It said it would add 19.1 million new customers by the end of this year, down from 21.1 million in its previous forecast.
The JSE Top 40 index ended little-changed at 40,242.28, while the broader All-share index inched 0.06 percent higher to 45,063.49.
Overall, the market was constrained after nine straight days of gains - which took it to record highs - were snapped on Wednesday, in part by technical factors which suggested it was due for a correction.
The 14-day RSI, a momentum indicator tracked by technical analysts, for both the Top-40 and the All-share show the market remains close to overbought levels.
“After a recent strong run, it was always going to be difficult for the rebound to stick,” said Mpumi Bomvana, a trader at Sanlam Private Investments.
Among movers, Telkom fell almost 4 percent to 26.90 after the fixed-line operator said it had suspended its chief financial officer due to an investigation into unspecified allegations against him.
But retailer Clicks soared 8 percent after the company posted a 9 percent rise in full-year profit, the latest in a spate of good results for the sector that has taken some observers by surprise, given sluggish economic growth and concerns about high consumer debt.
South Africa's No.2 grocer, Pick n Pay, said on Tuesday its profit had increased for the first time since 2010, sending its shares surging as investors bet a turnaround plan was starting to bear results.
It cooled a bit Thursday, losing 0.20 percent with charts also signalling its share is now overbought.
Advancers outpaced decliners 167 to 132, according to preliminary bourse data, while 65 listings were unchanged.
Turnover was close to average with around 171 million shares changed hands. - Reuters