Last week ANZ was the 1st bank to report which led to some significant volatility in the stock as people initially focused on the negatives but yesterday after investors considered things further it closed just a few cents below its 6-month high – we felt the result was solid and next week’s 74c fully franked dividend is likely to catch many yield-hungry investors attention. NAB is set to report in a week’s time and we believe it will perform strongly even though they are experiencing below-sector growth in total mortgage and business lending, this is a time to be prudent– it’s forecasted to pay an 82c fully franked dividend on the 16th.
- We believe NAB, and the banks will rally through November with 3 of the big 4 set to pay large fully franked dividends.
- However we do caution that we are only looking for a 5-10% move plus a dividend making it a very active play from here.
MM is bullish on NAB initially targeting fresh all-time highs
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