How long is a piece of string? Its whether you include consolidation effects of reduced shareholders. Do you price the entire expenditure of CBA on shares as the net price to CBA the entity, etc. The stock didn't drop by anything like the rudimentary amount plus normal dividend on ex-entitilement - but then it had a large drop from highs on the two preceding days. I had it at around $7 (stock dropped around $9 from announcement to ex-div) from a rudimentary calculation.
The rally of CBA since has been quite impressive, particularly give entitlement done, whilst ANZ and NAB have done poorly with on-market buy-backs continuing. CBA a little hot up here, IMHO.
CBA Price at posting:
$105.16 Sentiment: Sell Disclosure: Not Held
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