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ASX 200 lunch time report: A2 Milk, Webjet, & Wesfarmers higher

At lunch on Thursday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up 0.1% to 6,102.7 points despite weakness in the resources sector.

Here’s what has been happening on the market today:

Webjet shares take off.

The Webjet Limited (ASX: WEB) share price has rocketed 31% higher after the release of an impressive half year result. For the six months ended December 31, Webjet delivered a 29% increase in total transaction value (TTV) to $1.9 billion, a 33% lift in revenue to $175.3 million, and a 42% jump in EBITDA to $58 million. Elsewhere in the industry the Flight Centre Travel Group Ltd (ASX: FLT) share price has recovered from a sizeable decline to be higher by 4.5% at lunch. A weak first half result appears to have been overlooked after the announcement of a special dividend.

Wesfarmers releases a strong result and special dividend.

Another company that announced a special dividend today was Wesfarmers Ltd (ASX: WES). The conglomerate announced an interim dividend of $1.00 per share and a special dividend of the same value after completing the rebalancing of its portfolio. The Wesfarmers share price is up 6% at the time of writing.

Qantas shares descend.

The Qantas Airways Limited (ASX: QAN) share price is down 3% at lunch after its half year results fell short of the market’s expectations. In the first half of FY 2019 Qantas posted a 5.8% increase in revenue to $9,206 million but a 18.7% decline in underlying profit before tax to $780 million. Qantas also announced a $500 million shareholder return.

A2 Milk shares continue their rise.

The A2 Milk Company Ltd (ASX: A2M) share price has continued its strong run and hit a new all-time high of $14.20 this morning. This latest gain meant that the infant formula and dairy’s company’s shares have rallied over 37% since the start of the year.

Best and worst performers.

The best performer on the ASX 200 on Thursday is the Webjet share price with its 31% gain. Some distance behind is the Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price with its 6% gain. Its shares have pushed higher after it settled its patent infringement dispute with ResMed Inc. (ASX: RMD). Going the other way is the Mineral Resources Limited (ASX: MIN) share price with a 9.5% decline after its half year result disappointed.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited and Wesfarmers Limited. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended ResMed Inc. and Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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