Investors like banks again
Australian bank stocks have enjoyed a second strong week of trading, with the average price of the big four rising 7.9 per cent in the week ending Thursday. The ASX 200 rose 4.8 per cent. Last week the big four rose 15 per cent – well ahead of the 7.5 per cent rise in the ASX 200.
The major influence on bank share prices came from the Obama administration's long awaited plan to tackle US toxic asset positions which was well received by Wall Street. For the week ending Thursday, shares in Westpac are up 8.2 per cent, National Australia Bank 7.7 per cent, ANZ 13.7 per cent and Commonwealth 1.8 per cent.
Source: FN Arena/The Sheet