"The nation’s biggest company by market capitalisation — Commonwealth Bank — has seen something truly remarkable happen to its share price
.On Tuesday, it surged to an all-time high after rocketing 4.2 per cent in one day after a massive rise 49 per cent in the past 12 months.
That, remarkably, makes it now the most expensive bank stock in the history of the world. Even seasoned investors are stunned by what is happening. “Everyone has been scrambling to explain the phenomenon,” the AFR’s Chanticleer reported. “One analyst reported 10 inbound calls on Tuesday from investors worried they had missed something. No one can rationally explain why any investor is ploughing capital into a bank with zero earnings growth and an eye-watering valuation.”"
CBA Price at posting:
$163.77 Sentiment: Hold Disclosure: Held
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