The 'free float' of CBA shares is tiny. If you do a back of the envelope calculation it becomes relativey clear.
If you consider approx 53--55% is held by retail clients (many of whom have v low entry points, hold the stock for divs and can't afford to sell because of the CGT implications) - so c$150b held by retail
Then every large super fund must hold ~12% of their equity exposure in CBA. That's c$2 trillion of funds with say 30% equity exposure, we are taking around $65Billion of CBA exposure
Then you have the ETFs that are essentially price agnostic. They just keep buying regardless of price.
There's $2billion flowing into super every single week. That's around $70m a week being allocated to CBA
Every extra dollar into an ETF will see money buying CBA regardless of the price.
There's very little CBA freely available to buy hence the price keeps going higher. It will end one day but best not to stand in front of the moving train at this point.
CBA Price at posting:
$172.23 Sentiment: Hold Disclosure: Held
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