Home / Sector / Bank Shares / What’s driving the ANZ share price today?

What's driving the ANZ share price today?

It's proving a good day for ASX bank shares, along with the broader market.

Posted by
Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time. For story tips and broker tips, email me at [email protected]
Published
| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • ANZ is among multiple ASX banking shares rising today 
  • ANZ today advised of changes to the company's executive 
  • The bank's economic team is forecasting the RBA to lift rates by 0.25% in November 

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is in the green today.

ANZ shares are rising 1.3% and are currently trading at $25.74 apiece. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 1.8%.

Let's take a look at what could be impacting the ANZ share price today.

Smiling man sits in front of a graph on computer while using his mobile phone.

Image source: Getty Images

What's going on?

ANZ is not the only ASX bank share rising today. Commonwealth Bank of Australia (ASX: CBA) shares are jumping 1.88%, while National Australia Bank Ltd (ASX: NAB) shares are up 1.48%. The Westpac Banking Corp (ASX: WBC) share price is leaping 2.26%.

In global markets, major US bank Bank of America Corp (NYSE: BAC) shares soared 6% overnight after the company reported third-quarter earnings. The bank's net interest income soared 24%, driven by "benefits from higher interest rates".

In news today, ANZ has advised of changes to the company's executive committee.

Antony Strong will join the executive committee in the role of Group Executive Strategy and Transformation. Also, Gerard Florian's role has been widened to also include group services. Florian has worked as the company's technology executive since January 2017.

ANZ CEO Shayne Elliott said:

Both Gerard and Antony are experienced executives who will continue to play a critical role in ANZ's transformation while also ensuring we remain intently focussed on our strategic priorities.

Meanwhile, the ANZ economics team is expecting the Reserve Bank of Australia (RBA) to lift the official rate by 25 basis points in November.

In a research note today, head of ANZ economics David Plank said:

The RBA's October minutes suggest a 25 bp cash rate hike in November is the most likely outcome, even if we get an upward surprise in the Q3 CPI next week. But such a result will make a move in December more likely than we currently anticipate.

ANZ share price snapshot

The ANZ share price has descended 8% in the past year, while it has lost nearly 6% this year to date.

ANZ has a market capitalisation of nearly $76 billion based on the current share price.

Motley Fool contributor Monica O'Shea 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 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.

More on Bank Shares

A man sits in deep thought with a pen held to his lips as he ponders his computer screen with a laptop open next to him on his desk in a home office environment.
Bank Shares

Here's why this top broker is tipping 27% upside for ANZ shares

| James Mickleboro

The Silicon Valley Bank collapse has weighed heavily on ANZ's shares and could have created a buying opportunity.

Read more »

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price
Bank Shares

Is the Westpac share price a buy below $22?

| Bernd Struben

Westpac’s net interest margins could benefit from any further rate hikes by the RBA.

Read more »

Person with thumbs down and a red sad face poster covering the face.
Bank Shares

Why did the Bank of Queensland share price just hit a multi-year low?

| Sebastian Bowen

Bank of Queensland shares just went backwards by nearly two years.

Read more »

A man sits uncomfortably at his laptop computer in an outdoor location at a table with trees in the background as he clutches the back of his neck with a wincing look on his face.
Bank Shares

ASX 200 bank shares punished again on US bank fallout

| Bernd Struben

Investors in ASX 200 bank shares are jittery in the wake of SVB’s financial implosion last week.

Read more »

Confident male executive dressed in a dark blue suit leans against a doorway with his arms crossed in the corporate office
Bank Shares

ASX 200 bank shares: Are they better prepared than Silicon Valley Bank?

| Mitchell Lawler

How ready are our banks for a real life stress test?

Read more »

three reasons to buy asx shares represented by man in red jumper holding up three fingers
Bank Shares

3 reasons the 8% NAB dividend yield looks safe to me

| Tristan Harrison

The bank could keep paying a very good dividend.

Read more »

a small girl empties a piggy bank of coins onto a table while her mother looks on in the background.
Bank Shares

Here's how much I'd need to invest in Westpac shares to generate a $150 monthly income

| Sebastian Bowen

Here's how much income you can get from Westpac shares right now.

Read more »

a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.
Bank Shares

Why are ASX 200 bank shares like CBA being annihilated today?

| James Mickleboro

It has not been a great day to be invested in the banking sector.

Read more »