Bank share prices are racing upwards in early afternoon trading, following the release of a note from UBS analyst Jonathan Mott, saying bank shares are likely to reverse some of their underperformance after the sector has lagged the market during the pandemic crisis and the recent bounce-back.
Australia and New Zealand Bank is up 9.4 percent, Westpac is up 9.2 percent, National Australia Bank is up 9 percent, and Commonwealth Bank is up 5.2 percent.
These four banks alone have added over 70 points to the S&P/ASX 200, which is now up 18 points, or 0.3 percent.
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