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ANZ a surprise ASX gainer, joining Macquarie Bank and National Australia Bank at the top in finance

Monday, February 13, 2012 by Christine Feary
Like the overall market, financial stocks were boosted by some much needed good news from Greece in today’s trade, with all of the big four banks, ANZ Banking Group, National Australia Bank, Commonwealth Bank of Australia and Westpac Banking Corporation, finishing higher. Like the overall market, financial stocks were boosted by some much needed good news from Greece in today’s trade, with all of the big four banks, ANZ Banking Group, National Australia Bank, Commonwealth Bank of Australia and Westpac Banking Corporation, finishing higher.

The All Ordinaries Index was trading 0.8% higher late in the day, boosted by good news in Europe, after Greece’s parliament approved an austerity and debt relief bill to try and keep the country out of bankruptcy.

This positivity was reflected in the financial sector, with the majority of major financial stocks trading higher, in spite of some troubling news.

Big four banks ANZ Banking Group and Westpac have come under fire for their decision to increase their interest rates, in spite of last week’s decision by the Reserve Bank of Australia to leave the cash rate on hold.

They were joined today by tier two bank Bendigo and Adelaide Bank.

The increases have sparked a call from Federal Treasurer Wayne Swan for consumers to take their money elsewhere if they are unhappy, which could spell trouble for the banks.

In addition, ANZ today revealed plans to axe 1000 jobs by the end of 2012, blaming higher funding costs, lower consumer demand and increasing global regulation.

So it was somewhat surprising today to see that ANZ (ASX: ANZ) was one of the top gainers among major financial stocks, up 1.68% at $21.78, second only to Macquarie Bank (ASX: MAQ) which was trading 2.26% higher at $8.59.

National Australia Bank (ASX: NAB) had a solid increase of 1.53% to $23.29, not far ahead of AMP (ASX: AMP), which was trading up 1.51% at $4.375.

Westpac (ASX: WBC) managed to gain 1.2% to $21.10, while the Commonwealth Bank of Australia (ASX: CBA) had the smallest gain of the big four banks, up 1.18% at $50.47.

Tier two bank Suncorp Group (ASX: SUN) increased 0.85% to $8.28 and Bendigo and Adelaide Bank (ASX: BEN) rose 0.37% to $8.16.

At the other end of the market, Bank of Queensland (ASX: BOQ) slid 0.68% to $7.28, followed by Perpetual (ASX: PPT), which was down 0.36% at $22.23.

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