Waves of buying have washed through the Australian banks of late with Westpac (WBC) and Bendigo (BEN) catching my attention over the last fortnight – it’s felt like an institution has pressed the buy button in a meaningful manner for a couple of days catapulting the lucky recipient higher in the process. Elsewhere in the sector NAB has just traded at levels not seen since 2017 while ANZ looks poised to follow suit. MM remains bullish the Banking Sector although we are conscious that recent strength could easily dissipate if / when bond yields correct their strong advance since last September.
MM is bullish WBC
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