Something happened, now these stocks are moving
The Reserve Bank of Australia made an announcement yesterday, which pushed the stock price of the big four banks higher at 10am Sydney time.
Yesterday’s interest rate hike to 0.35% saw the big four banks respond rapidly with changes to their respective rates for customers in a move to offset the rate hike onto Australians. Westpac was the first major bank to respond to the rate hike, announcing it would review its variable interest rates. CBA, which is Australia’s largest bank with a quarter of all home loans in the country, was the next to announce a rate hike coming into effect from May 20. ANZ followed suit, announcing it would also pass on the full interest rate hike to home loan customers from May 13. NAB was the final big bank to join the rate hike party, announcing on Wednesday morning that interest rate changes will also come into effect from May 13. Investors are responding favourably to the rate hike news from the big four banks as each rallies around 1% today so far.
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