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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Australia and New Zealand Banking Group Limited    ANZ   AU000000ANZ3

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
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Australia shares finish higher on stimulus hopes

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09/08/2020 | 04:44am EDT

* Reports suggest banks to buy $175 bln in new govt debt

* Data shows business conditions and employment weakens

* NAB, CBA clock biggest gains in two weeks

Sept 8 (Reuters) - Australian shares settled higher on Tuesday as sentiment was boosted by a report that banks would be required to take up more debt from the government to aid stimulus measures to combat the economic damage from the COVID-19 pandemic.

The S&P/ASX 200 index rose 1.1% to 6,007.8 at the close of trade, with U.S. S&P 500 futures up 0.5%.

Investors are probably looking forward to a possible rebound in U.S. stocks after a sell-off last week, said Henry Jennings, analyst at Marcustoday.

Australian banks will be required to buy up to A$240 billion ($175 billion) of new government debt to boost emergency liquidity levels, which will also cut government borrowing costs and help fund coronavirus stimulus spending, the Australian Financial Review reported on Tuesday.

"If the RBA is saying get out there and lend and get the economy moving, that's clearly a good sign for the banks - that the RBA has got their backs and is going to allow them to have some flexibility with capital requirements and balance sheets," Jennings said.

The country's "Big Four" banks — Commonwealth Bank of Australia, National Australia Bank, Australia and New Zealand Banking Group and Westpac Banking Corp - rose between 1.3% and 1.7%.

Markets shrugged off data that showed soft August business conditions data due to the Victoria lockdowns and weak employment figures over the month to Aug. 22.

Healthcare stocks finished 1.5% higher, with gains led by biotech company CSL, up 2.1%.

Industry heavyweights Woodside Petroleum and Santos gained 1.% and 1.8%, respectively, and led gains on the energy sub-index.

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to finish the session at 11,895.63, with financial companies rising the most. ($1 = 1.3742 Australian dollars) (Reporting by Arpit Nayak in Bengaluru; Editing by Amy Caren Daniel)


Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 1.44% 19.78 End-of-day quote.-19.69%
COMMONWEALTH BANK OF AUSTRALIA 0.82% 69.9 End-of-day quote.-12.52%
CSL LIMITED -0.51% 294.82 End-of-day quote.6.91%
DJ INDUSTRIAL -0.10% 28335.57 Delayed Quote.-0.71%
NASDAQ 100 0.25% 11692.571891 Delayed Quote.33.89%
NASDAQ COMP. 0.37% 11548.281629 Delayed Quote.28.71%
NATIONAL AUSTRALIA BANK LIMITED 0.62% 19.53 End-of-day quote.-20.71%
S&P 500 0.34% 3465.39 Delayed Quote.7.26%
S&P/ASX 200 0.42% 6204 Real-time Quote.-7.74%
SANTOS LIMITED 3.94% 5.28 End-of-day quote.-35.45%
WOODSIDE PETROLEUM LTD 1.15% 18.48 End-of-day quote.-46.25%
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Financials
Sales 2020 17 997 M 12 837 M 12 837 M
Net income 2020 3 809 M 2 717 M 2 717 M
Net Debt 2020 - - -
P/E ratio 2020 14,5x
Yield 2020 3,17%
Capitalization 56 083 M 39 886 M 40 002 M
Capi. / Sales 2020 3,12x
Capi. / Sales 2021 3,11x
Nbr of Employees 37 834
Free-Float 99,8%
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Technical analysis trends AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 21,13 AUD
Last Close Price 19,78 AUD
Spread / Highest target 32,5%
Spread / Average Target 6,83%
Spread / Lowest Target -39,8%
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Managers
NameTitle
Shayne Cary Elliott Chief Executive Officer & Executive Director
David M. Gonski Chairman
Michelle Jablko Chief Financial Officer
Gerard Florian Group Executive-Technology
Paula Jane Dwyer Independent Non-Executive Director