Commonwealth Bank has become the first ASX-listed company to be valued at more than $300 billion, defying forecasts the years-long rise will end and leading to concerns that its dominance is distorting the sharemarket.
The bank’s share price has risen 18 per cent since the start of the year, hitting $181.10 on Wednesday, well ahead of its major rivals, pushing its market capitalisation to $302 billion. Based on its earnings, that makes CBA one of the most expensive bank stocks in the world, well above Wall Street giant JPMorgan and British lender Lloyds Bank, which has a similar annual profit but a valuation that is just one third of its ASX-listed peer.
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