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.

More reading

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• The 10 shares that significantly move the ASX 200 index
• ASX shares are in a bull market. What should investors do now?
• Telstra shares and 2 other ASX companies to buy in a low-interest rate world
• Top brokers just upgraded these 3 ASX 200 stocks to buy

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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If you’re investing with a long term view, then I think the three ASX shares listed below could be the ones to buy.

I believe their strong business models and positive long term growth outlooks mean they could be market beaters over the next decade and beyond. Here’s why I’m bullish on them:

Pushpay Holdings Group Ltd (ASX: PPH)

Pushpay is a donor management platform provider for the faith and not-for-profit sectors. It has been growing its share of the medium to large church market at a very strong rate in recent years. This has led to some very strong strong operating revenue and earnings growth. The good news is that Pushpay still only has a modest share of its target market and is aiming to grow its share to 50% in the future. This represents a US$1 billion opportunity, which is many times its current revenue. I think this makes Pushpay a fantastic buy and hold option.

REA Group Limited (ASX: REA)

Another great buy and hold option is REA Group. It is a leading property listings company with real estate websites in Europe, Asia, the United States, and of course Australia. While trading conditions are not easy at present, REA Group has still been able grow its earnings. I believe this demonstrates the resilience of its business model. I also feel it bodes well for the future and expect its earnings growth to accelerate when the headwinds ease.

ResMed Inc. (ASX: RMD)

A final buy and hold option is ResMed. I think the medical device company is one of the best healthcare shares on the ASX and a great long term option. This is due to its focus on the growing sleep treatment market. The company estimates that there are ~1 billion people suffering from sleep apnoea worldwide, with only ~20% of these sufferers having been diagnosed. Due to the quality of its industry-leading masks and software solutions, I believe it is perfectly positioned to capture a growing slice of this market..

More reading

• 3 large cap shares beating the ASX 200 this year
• Have $10,000? This is where I’d invest it into ASX shares
• 3 of the best ASX shares to buy with $3,000 right now
• Why I’m not afraid to invest in shares during this recession
• Here’s why long term investing can outperform shorter holding periods

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has recommended REA Group Limited and ResMed Inc. 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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