Qantas shares hit $3 for the first time in six years

Photo: Getty Images

Qantas shares hit $3 today for the first time since August 2008.

The airline has been on a tear since late last year, with a return to profit in its latest half year results and analysts praising the stock.

Falling oil prices have helped improve its margins and the company is seeing the benefits of a massive restructuring program involving thousands of layoffs.

The stock is up 165% since mid-October last year.

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