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ASX 200 morning report – QAN, BOQ & UWL shares in focus

The S&P/ASX 200 (ASX: XJO) is expected to edge higher this morning as the market resumes trading following the Easter break.

The ASX 200 finished the shortened week on a strong note, gaining 0.6% on Thursday behind a broad-based rally, with every sector finishing higher barring the financials.

Qantas share price takes flight

The energy, materials, technology, industrials and utilities sectors all gained more than 1% with Qantas Airways Limited (ASX: QAN) a standout.

The Qantas share price gained more than 7% as the airline joined global competitors in seeing a massive jump in bookings following the end of lockdowns.

Uniti hits record high

Shares in Uniti Group Ltd (ASX: UWL) also hit a record high, closing the session at $4.96, just short of the $3.6 billion takeover bid from Morrison & Co which management has now entered formal negotiations with.

Elsewhere, shares in Transurban Group (ASX: TCL) were slightly higher, with the CEO confirming traffic has jumped despite the work-from-home trend.

Bank of Queensland retreats

The biggest detractor was the Bank of Queensland Limited (ASX: BOQ), which appears to be having trouble integrating the massive ME Bank acquisition.

BOQ shares fell more than 6% after the bank reported interim FY22 results, with cash earnings 14% higher and profit down 5%. The dividend disappointed as did the fall in net interest income, the core driver of banking returns.

ASX 200 weekly movers

It was a similar story across the week, with the ASX 200 up 0.6% and just four sectors lower. Materials remain the standout, with ASX gold miners topping the tables.

Zip Co Ltd (ASX: Z1P) was the ASX 200’s worst weekly performer, dropping 13.4%, whilst Regis Resources Limited (ASX: RRL) topped the tables with a 17.1% gain.

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Disclosure: At the time of publishing, Drew owns shares in Zip.