The Australia and New Zealand Bank Group Ltd (ASX: ANZ) share price was a strong performer on Wednesday.
Its shares were the best performers among the big four banks with a gain of almost 3.5% to $23.46.
Why did the ANZ share price have a stellar day?
There appears to have been a couple of catalysts for the strong ANZ share price performance today.
The first was the release of a solid full year result from rival Commonwealth Bank of Australia (ASX: CBA), which seems to have given the rest of the big four a lift.
For example, National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) shares also rose approximately 1.5% during todayâs session.
What else?
A recent note out of Credit Suisse could be helping boost the ANZ share price.
According to the note, the broker has an outperform rating and $29.25 price target on the bankâs shares. This implies potential upside of 25% for investors even after todayâs gain.
Credit Suisse believes that ANZ will be an early beneficiary of a quicker and more aggressive interest rate rise cycle.
It is for this reason and its strong business banking exposure, that makes ANZ Credit Suisseâs top option for investors in the space. Particularly given its compelling valuation.
The post Why did the ANZ share price have such a stellar run today? appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- âItâs a bit unfairâ: Hereâs why ANZ shares are making news this week
- ANZ share price unfazed amid bankâs latest move to finance decarbonisation
- Here is the RBA interest rate outlook according to ASX 200 banks
- Guess how much ANZ shares have paid in dividends over the last 5 years
Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. 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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