What’s happening with the ANZ Bank (ASX:ANZ) share price?

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has been surging higher in 2021, but what is driving those gains?
The post What’s happening with the ANZ Bank (ASX:ANZ) share price? appeared first on The Motley Fool Australia. –

asx bank shares represented by large buidling with the word 'bank' on it

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price has been on the charge in recent days. The Aussie bank’s share has edged higher on Friday morning and is now up 24.1% since the start of the year.

Why is the ANZ share price climbing?

It’s been a busy start to the year for the Aussie banks but there haven’t been many price-sensitive announcements from ANZ itself. Credit rating agency Fitch revised its outlook on ANZ to stable, up from negative, while affirming the bank’s long-term issuer default rating (IDR) at A+.

The bank also lost deputy CEO Alexis George who was poached by AMP Ltd (ASX: AMP) after the departure of former CEO Francesco de Ferrari. 

The ANZ share price has been performing well in 2021 as the Aussie housing boom rolls on. That’s good news for the lenders as underlying security values increase and default rates remain low.

There are high expectations from certain analysts like those at Macquarie Group Ltd (ASX: MQG). Macquarie analysts believe the ANZ share price could be a big winner if the US trend of strong bank results continues in Australia.

Macquarie said, “Our analysis highlights that ANZ appears to be more leveraged to the trends observed from offshore peers”. That’s largely thanks to a larger global market’s business compared to its Big Four peers in Commonwealth Bank of Australia (ASX: CBA)National Australia Bank Ltd. (ASX: NAB) and Westpac Banking Corp (ASX: WBC)

The ANZ share price is already streets ahead of the S&P/ASX 200 Index (ASX: XJO) so far this year. Shares in the bank are up 24.1% in 2021 compared to a 5.5% gain for the benchmark Aussie index.

The bank is set to announce its half-year earnings on Wednesday, May 5 and the ANZ share price will be worth watching in the lead-up.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post What’s happening with the ANZ Bank (ASX:ANZ) share price? appeared first on The Motley Fool Australia.

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