Under the hood of Commonwealth Bank’s $20 billion day
It’s rare for a big bank to trade with the exuberance of a tech stock. Here’s what gave CBA its biggest day on the ASX in six years.
What does a half-year result need to do to add $20 billion to a bank’s market cap? The answer is whatever the Commonwealth Bank published today.
Australia’s biggest bank had its best day in six years, jumping almost 8%, beating market expectations and dragging the entire index higher.
Here’s what we learned from the result and the investor call.
Firing on all cylinders
Six months ago, the market was asking whether the Commonwealth Bank was running out of steam as its share price began a long fall back to earth. Today, it is soaring again as the bank delivered.
“The last six months is a good example of where the operational and strategic execution has been very good across all of the businesses,” CBA chief executive Matt Comyn told Capital Brief.
