Business
Why this broker likes ANZ (ASX:ANZ), NAB (ASX:NAB), and Westpac (ASX:WBC)
In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to record a solid gain. At the time of writing the benchmark index is up 0.5% to 6,721.3 points.
One area of the market that has been doing a lot of the heavy lifting today has been the banking sector. At the time of writing, all the big four banks are trading higher and are underpinning the ASX 200’s gains.
Why are bank shares climbing higher today?
Today’s gains appear to have been driven by a positive broker note out of Morgan Stanley.
According to the note, the broker believes the banking sector’s outlook is improving and expects the market to begin to price in a recovery in earnings and dividends as the year progresses.
After which, it…
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