Shares in Qantas just climbed to another record high

The Qantas 767. Photo: Phil Walter/ Getty.

Qantas shares are roaring ahead, with the stock closing up another 1.74% today at a new record high of $6.42.

Today’s move follows a break above $6 per share for the first time earlier this month.

It marks a a continued turnaround for the airline, with the stock price almost six times higher than its low of $1.10 in March 2014.

Along with the broader ASX200, Qantas has benefited from a favourable growth backdrop with composite PMI data for September showing that the global economic turnaround remains on track.

As part of that synchronised growth, data in August showed global air travel surged by almost 8% in the first half of this year.

The recent gains in the airline’s share price have come despite benchmark crude oil prices testing multi-year highs, amid reduced OPEC production and conflict in northern Iraq.

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