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Shares largely flat as airlines keep market grounded

Australian stocks are struggling to get off the ground today, and the two major airlines are heading in different directions.

The All Ordinaries Index was up just 1 point to 5,422 around 1:00pm (AEDT), and the ASX 200 was also 1 point higher at at 5,412.

Shares in Virgin Australia were down 0.9 per cent, after it revealed a first-half loss of $84 million.

Qantas was clawing back some of the ground it lost yesterday, climbing 1 per cent.

Shares in furniture and electrical retailer, Harvey Norman were up 1.6 per cent, after the company revealed a rise in its half-year profit.

In the six months to the end of December, Harvey Norman made a net profit of $111.4 million.

That was up from the company’s $81.9 million profit recorded during the same period a year earlier.

Shareholders will receive a fully-franked dividend of 6 cents per share.

Other retailers basked in the result – Myer was 2.3 per cent higher and David Jones was up 1.4 per cent.

The Australian dollar has strengthened slightly, rising to 89.75 US cents.

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