CBA is the largest stock in the XJO ~9% of the total index. What happens to CBA affects the market.
CBA was in the news today because of its $400 million fine levied by ACCC. (Ouch). CBA was up today +1.44%.
This problem (money laundering allegations) has been hanging over CBA's head for some months. And has been downside pressure on the stock. Now that has been finalised we can see some sensible valuations coming into the CBA price.
Today's price jumps seems to suggest more upside:
Surprisingly, CBA has been performing better than the market in the past couple of weeks. It was still moving down - but doing better than the market. (See the second lowest panel.)
CBA is still a long way out of the woods. But today may be a catalyst for more upside.
ANZ is the next one to negotiate its regulatory problems.
RB
Let's pass the Baton Tuesday, page-4
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| XJO (ASX) Chart |