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CBA hits $300b market cap

Nicola Blackburn

UPDATED: Commonwealth Bank surged to a fresh record on Wednesday at the open as risk-on sentiment swept across the S&P/ASX 200.

The shares rose as high as $180.20 at 11.20am, and reset its prior all-time high. The stock become the first Australian company to hit a market capitalisation of $300 billion.

The advance brings its year-to-date gain to 17.5 per cent, ahead of the ASX 200 financial sector’s 7.9 per cent advance.

The ASX 200 rose 0.7 per cent near 12.30, putting it around 25 points off an all-time high.