Insights

What’s happening with the CBA (ASX:CBA) share price this week?

It’s been a big week for the bank.
The post What’s happening with the CBA (ASX:CBA) share price this week? appeared first on The Motley Fool Australia. –

The Commonwealth Bank of Australia (ASX: CBA) share price is down 0.2% in early afternoon trade.

The S&P/ASX 200 Index (ASX: XJO) is down 0.7% at this same time.

If the CBA share price closes in the red today, it will make 3 days of gains for the week and 2 of losses. Wednesday was the only other day shares closed lower, down 0.2% to $101.41 per share.

Below we take a look at what’s been happening with CommBank over the week.

CBA share price shrugs off defamation allegations

The CBA share price closed up 0.2% on Monday, despite news that Colcambios Australia, a remittance company, had accused the big 4 bank of defamation.

Colcambios makes use of cryptocurrencies to transfer pesos and Aussie dollars between Columbia and Australia for its customers.

Concerned that money in its customers’ accounts could stem from fraudulent activities, CommBank wrote letters saying they may “have fallen victim to a scam”.

In its defence, CBA said it didn’t mention Colcambios Australia by name, and that it was acting in accordance with its perceived legal duties.

Green loans

CBA’s share price closed up 0.3% on Tuesday.

That was the day it revealed it had acted as the sole financier and “green coordinator” for Charter Hall Group‘s (ASX: CHC) Melbourne based development. Once completed, the development will serve as the new headquarters for Australia Post.

CommBank said the $202 million construction facility is Australia’s maiden Climate Bond Initiative-certified Green Development Loan.

More legal woes

Thursday’s news that the Australian Securities and Investments Commission (ASIC) had filed 30 charges against the bank didn’t deter investors, who sent the CBA share price up 1.4% yesterday.

As my Foolish colleague, Tony Yoo noted, “The matters relate to CBA’s promotion and sales of add-on insurance products CreditCard Plus and Loan Protection.”

The bank is accused of “false or misleading representations” to some customers.

CommBank said it accepted that its prior behaviour was not acceptable and reported that it no longer sells these products. The bank will plead guilty and has already compensated 165 customers. It faces a maximum potential penalty of $1.7 million for each of the 30 offences.

CBA share price snapshot

The CBA share price is up 22% year-to-date, compared to a gain of 11% posted by the ASX 200.

Over the past month CBA’s shares are up 3%.

The post What’s happening with the CBA (ASX:CBA) share price this week? appeared first on The Motley Fool Australia.

Should you invest $1,000 in CBA right now?

Before you consider CBA, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and CBA wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

This year’s ASX 200 Santa Rally to get a whopping $84bn cash boost

Commonwealth Bank (ASX:CBA) faces 30 criminal charges
How has the CBA (ASX:CBA) share price performed since reporting results?
Could liar loans crash the housing market?

How these 4 ASX 200 bank shares have performed since reporting results

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!