Reuters reported that shares of South Africa's Kumba Iron Ore, a unit of Anglo American, extend brisk gains on the back of data that eased concerns of an economic hard landing in China.

Kumba shares at 10:40 SA time were up 1.33% to ZAR 543.48, adding to gains of 2% on July 13th 2012 as it rebounds from a 5 week trough hit last week in part on jitters about China which dragged down resource stocks across the board.

China on July 13th 2012 reported that second quarter gross domestic product grew 7.6% YoY, in line with expectations. After two interest rate cuts in less than a month, many market watchers had been bracing for a weaker reading.

Source - Reuters

(www.steelguru.com)