The banks have generally risen today across the board. Ben another regional bank has also risen without any notices at all. There has been some overseas buying of our banks, particularly the big 4 (NAB,WES etc) and a large block purchase of CBA yesterday which I believe has sparked the rally. Regardless of the reason IMO there is good reason for MYS to be rerated based on the probable cost reductions due to synergies in the ABA merger together with the as yet undetermined profits in the commercial lease operation purchased by ABA immediately prior to the merger completion. MYS stated that a good proportion of those cost synergies would be available within the first 12 mos.
MYS Price at posting:
$4.09 Sentiment: Buy Disclosure: Held
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