Midday: ASX buckles up 1% in volatile ride

Market Reports

Amid a volatile week of extreme swings the Australian share market has rallied 1 per cent in morning trade. Recovering from half of yesterday’s plunge local stocks have followed Wall Street higher following positive US economic reports. Dismissing Europe’s economic jitters and Egypt’s political instability all major local sectors are making gains - pulled up by health care, energy and retail stocks. 

Figures
 
The S&P/ASX 200 index has gained 42 points to reach 4,787. On the futures market the SPI is 41 points higher. 
 
Economic news

Australian building approvals dropped by more than expected last month. The Australian Bureau of Statistics reports approvals for the construction of new homes declined 1.1 per cent in May from the month before, compared to expectations of a 1 per cent fall. Over the year to May building approvals have fallen 3.2 per cent. 
 
Market movers 

Shares in Crown Limited (ASX:CWN) have lifted 2.09 per cent and ahead of rival casino operator Echo Entertainment Group Limited (ASX:EGP), trading steady. Both companies are awaiting an imminent announcement from New South Wales Premier Barry O’Farrell outlining if Crown will be permitted to expand into the Sydney market or if Echo will be allowed to extend its exclusive rights.   
 
Shares in Magellan Financial Group LLC (ASX:MFG) have risen 10.81 per cent following the fund manager’s funds under management and performance fee update - advising a number of its portfolios have outperformed their benchmarks. 
 
Shares in Altium Limited (ASX:ALU) have surged 18.25 per cent after the creator of electronics design software revealed it expects to post a 40 per cent jump in its annual underlying profit. 
 
Shares in Evolution (ASX:EVN) have gained 4.03 per cent after the miner reported record quarterly gold production from its wholly owned operations in Queensland and Western Australia. 
 
Best and worst performers

All sectors are making gains: The best performing sector is health care gaining 269 points to 13,232. Shares in Sirtex Medical Limited (ASX:SRX) have risen 3.8 per cent and trading at $12.56. Shares in CSL Limited (ASX:CSL) and Mesoblast Limited (ASX:MSB) are also stronger. 
 
The sector with the smallest losses is financials excluding real estate investment trusts, putting on 41 points to 6,099. Shares in National Australia Bank Limited (ASX:NAB) have added 0.17 per cent, trading at $28.77. Shares in Commonwealth Bank of Australia (ASX:CBA) and Westpac Banking Corporation (ASX:WBC) also follow higher. 
 
Gold and the dollar

Gold is trading at $US1,252 an ounce.
The Australian dollar is buying 90.9 US cents

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