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Our local market gained just 0.3% today. While the ASX200 was trading quite flat today, Qantas shares were outperforming the XJO, as well as other travel stocks, amid news that Qantas Frequent Flyer has launched thousands of points planes to coastal cities over the summer. More than 3,000 flights will be turned into what’s referred to as “points planes” where every seat can be booked under a classic flight reward. Late last week, brokers retained their Buy recommendations on QAN. UBS and Ord Minnett retained a Buy, Credit Suisse and Macquarie both Outperform and Morgan Stanley Overweight.
A boost in iron ore futures prices saw mining stocks advance today. The materials sector performed best, gaining 1.7%, followed by healthcare and technology, while real estate declined the most.
The best performing stocks on the ASX200 today were Fisher and Paykel (ASX:FPH), Nanosonics (ASX:NAN) and Rio Tinto (ASX:RIO), while the worst performers were Collins Foods (ASX:CKF), ASX (ASX:ASX) and Virgin Money UK (ASX:VUK).
The Australian dollar is buying US$0.67, 92.85 Japanese Yen, 55.85 British Pence and NZ$1.08.