Why did the ANZ share price have such a stellar run today?


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 today’s 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 bank’s shares. This implies potential upside of 25% for investors even after today’s 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 Suisse’s top option for investors in the space. Particularly given its compelling valuation.

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