ANZ Bank profit results push the Australian market higher

Matt Cowan/Getty Images for Coachella

A bank rally following good half year results from the ANZ is driving the Australian market higher.

The ANZ, which announced a half year cash profit up 5% to $3.676 billion, was trading 3.88% stronger at $34.53.

Investors yesterday sold down financial stocks after Westpac posted a flat half year profit result. Westpac lost more than 3% in value.

Today, Westpac was still behind but had recovered 0.59% of its losses to be trading at $35.81.

The NAB was up 1.57% to $36.86 and the Commonwealth 1.55% to $89.37.

NOW READ: CHART: This is how important international business has become to the ANZ Bank under its super regional strategy

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.