Qantas shares soar to a record high

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Qantas shares have hit a record-high, punching through the previous peak of $6.07 set in December 2007.

Shares in the airline currently trade at $6.095, up 2.78% for the session. They briefly hit a high of $6.15 in early trade.

Qantas Airways Ltd Daily Chart. Source: Thomson Reuters.

The latest surge, taking its gains from late 2013 to a mind-boggling 540%, coincides with a broker upgrade from Goldman Sachs who now deems the stock as a buy.

Strengthening global economic conditions, as seen in the latest composite PMI released by IHS Markit, along with renewed weakness in crude prices, are other factors that are likely helping to underpin gains today.

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