Why has the ANZ share price been outperforming the ASX 200 this week?

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is on the home straight heading towards the weekend, and it’s out in front of the broader S&P/ASX 200 Index (ASX: XJO).

The smallest of the big four bank has managed to record a gain for the week so far despite the market’s suffering.

Right now, the ANZ share price is trading at $23.75, 0.04% higher than its previous close and 3% above where it finished last week.

Meanwhile, the ASX 200 has dumped 0.72% today and 1.46% so far this week.

So, what’s been buoying the banking favourite amid the market’s misery? Let’s take a look.

Why is ANZ’s stock outperforming the ASX 200 this week?

The ANZ share price is outperforming so far this week as the ASX 200 struggles to recover following a Wednesday sell-off.

While ANZ shares weren’t lucky enough to escape Wednesday’s carnage, they’ve managed to post a notable rebound since.

The bank’s stock plummeted 2.3% that day – only a slightly better performance than that of the ASX 200, which tumbled 2.58%. However, it bounced 3.4% yesterday despite the bank’s silence and it’s back in the green today.

The ASX 200’s downfall was spurred by an even worse hit to Wall Street, which recorded its worst session in more than two years on Tuesday. The plunge was driven by the latest US inflation data.

The nation’s CPI surprised investors by lifting 0.1% last month and 8.3% over the year to August.

The ANZ share price’s rebound might have had something to do with an exciting milestone surpassed by its ANZ Plus offering.

After launching in July, the platform reached $500 million in funds under management earlier this week.

ANZ Plus now boasts 40,000 customers, with thousands more joining every week, and it’s setting its sights on an even bigger horizon. Managing director of design and delivery for ANZx, Peter Dalton, said:

We are working hard to expand the offering and functionality of ANZ Plus with lots in the pipeline for the next 12 months.

We’re also offering a competitive interest rate to help our savers reach their goals faster.

From today, the ANZ Plus Save rate will be upped to 3% for balances under $250,000.

ANZ share price snapshot

While the ANZ share price has outperformed this week, its longer-term performance hasn’t been nearly as exciting.

The banking favourite has fallen 15% year to date and 15% over the last 12 months.

For comparison, the ASX 200 has dumped 10% since the start of 2022 and 9% since this time last year.

The post Why has the ANZ share price been outperforming the ASX 200 this week? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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 no position in any of the stocks mentioned. 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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