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ASX 200 rises 0.8%, travel shares fly higher

What happened on the ASX today

The S&P/ASX 200 Index (ASX: XJO) has risen again today. The ASX 200 went up 0.84% to 5,992 points.

Another strong day for ASX travel shares

The ASX travel sector has had yet another strong day as confidence returns for the industry.

Today we learned that Qantas Airways Limited (ASX: QAN) plans to have about 40% of its domestic flights back up and running by the end of July 2020. The ASX 200 airline’s share price went up more than 7% today.

Other ASX 200 travel shares also rose today. The Corporate Travel Management Ltd (ASX: CTD) share price went up 8.8%, the Webjet Limited (ASX: WEB) share price climbed 2.5% and the Flight Centre Travel Group Ltd (ASX: FLT) share price rose by 8.4%.

Westpac Banking Corp (ASX: WBC) pleases investors with investigation

Westpac announced the findings of its AUSTRAC internal investigation today.

The bank said that there was a failure of technology, processes and human error. However, there was no evidence of intentional wrongdoing, instead it was a fault of omission.

Management said that the ASX 200 bank has learned from this and it needs to change.

The Westpac share price hit $18.70 in early trading, but ended 1.3% higher to $18.18.

Looking at the other major ASX 200 banks, the Commonwealth Bank of Australia (ASX: CBA) share price rose 2.3%, the Australia and New Zealand Banking Group (ASX: ANZ) share price went up 1.5% and the National Australia Bank Ltd (ASX: NAB) share price grew 1.2%.

Magellan Financial Group Ltd (ASX: MFG) makes two announcements

The share price of Magellan fell 0.75% today.

The internationally-focused ASX 200 fund manager revealed that its funds under management (FUM) increased by around $1.5 billion over May 2020 to $98.45 billion. Net outflows during the month amounted to $288 million which included net retail inflows of $228 million and net institutional outflows of $516 million.

Magellan has also launched the Airlie Australian Shares Fund, which is an exchange-traded fund (ETF) which can be bought through the ASX and through unlisted channels. It eliminates the need to have two separate funds.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. 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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