The Commonwealth Bank share price bucked the wider trend this week, posting strong gains evens as the ASX 200 fell.
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The Commonwealth Bank of Australia (ASX: CBA) share price is up 0.7% in late afternoon trading.
While it retraced some from mid-day all-time highs, CBA looks set to finish the day at a new record closing high, surpassing the $96.17 per share it hit back in March 2015.
CBA’s shares gained 2.5% for the week, chalking up 4 days of positive momentum. Tuesday, 11 May, was the only day that the Commonwealth Bank share price reversed, falling 0.6%.
CBA handily outperformed the S&P/ASX 200 Index (ASX: XJO) this week. The ASX 200 finished the week down 1.6%. That’s despite the index rebounding today from a 3-day losing streak triggered by investors’ inflation fears.
Commonwealth Bank investors didn’t share that wider fear. Rising inflation could signal the beginning of the end to rock bottom interest rates, which have negatively impacted the returns of all the big banks.
Partnerships, Q3 results drive Commonwealth Bank share price
The week started well for Commonwealth Bank as it breached its 52-week highs on Monday.
That came on the back of a partnership announcement with US-listed e-commerce operator Bigcommerce Holdings Inc (NASDAQ: BIGC). CBA said the new partnership will help grow its online presence, with plans to use Bigcommerce Holdings’ platform to advance its business banking sector.
Wednesday was another strong day for Commonwealth Bank shareholders following the release of the company’s third quarter update. Among the highlights, CBA’s cash net profit after tax increased 24% from the quarterly average over the first half of the 2021 financial year, reaching $2.4 billion.
Commonwealth Bank shares gained 1.05% on Wednesday.
Commonwealth Bank snapshot
With today’s gains factored in, the Commonwealth Bank share price is now up 62% over the past 12 months. CBA has continued to outperform in 2021, with shares up more than 15% year-to-date.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.