The banks keep grinding higher; ANZ advanced +1% yesterday, taking it up +10.8% year-to-date, and three of the “Big Four” are set to reward loyal shareholders with attractive dividends come May, i.e. ANZ, NAB & WBC. There is no reason to consider taking profit from these major banks, who are making multi-year or all-time highs in the case of CBA. At some stage between now and after its dividend in May, ANZ is likely to experience another $2 pullback, but it’s another case of “buy the dips” until further notice. It’s tempting to grab profits, especially if you read the press, but remember to “run your winners and cut the losers”.
- We can see ANZ trading through $30 over the coming weeks/months – MM is long ANZ in our Active Growth Portfolio.
MM remains long and bullish towards ANZ
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