Insights

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

Records are made to be broken, as CommBank displayed several times this week.
The post What’s happening with the CBA (ASX:CBA) share price? appeared first on The Motley Fool Australia. –

Commonwealth Bank of Australia‘s (ASX: CBA) share price is slipping in late afternoon trading, down 1.8% to $104.06 per share.

Barring a last moment rally, today will mark the first of the 4-day trading week (the ASX was closed on Monday in honour of Queen Elizabeth’s birthday) to see the CBA share price close in the red.

What happened with the CBA share price this week?

CommBank finished Wednesday up 1.32% to a new record high of $104.82 per share.

The big 4 bank appears to be solidly holding above $100 per share. That milestone was achieved for the first time ever on 28 May, when the CBA share price closed at $100.56.

Wednesday’s strong performance came despite allegations emerging on the day that CommBank may have violated anti-money laundering laws.

As my Foolish colleague Brendan Lau wrote, “The potential legal headache is linked to an investigation into BSP Financial Group Ord Shs (ASX: BFL) by Papua New Guinea authorities.”

Acting as a correspondent bank to BSP, CommBank enables BSP’s customers to transfer money in to and out of Australia.

Should the Papua New Guinean courts find that BSP violated the law, CommBank as well as National Australia Bank Ltd. (ASX: NAB), which also acts as a correspondent bank to BSP) could be held liable for their role under Australian law.

Time will tell…

Another new record high as CommBank drops offline

Yesterday, saw the CBA share price hit yet another new record high. The bank closed up 1.04% at $105.91 per share.

This came as the bank was hit by internet woes that prevented customers from accessing its mobile banking app in the afternoon hours.

CBA was in good company though. The Reserve Bank of Australia (RBA), Westpac Banking Corp (ASX: WBC), and Australia and New Zealand Banking Group Ltd (ASX: ANZ), among others, were hit with the same accessibility issues.

Apparently, all the impacted businesses use the same content delivery network, Akamai. Though at time of writing, the cause of yesterday’s temporary outage has not been verifiably determined.

Though the CBA share price will finish the last day of the week in the red, shares remain up 51% over the past 12 months and up 24% so far in 2021.

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

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More reading

Why CBA, Challenger, Newcrest, & Santos are dropping today

CBA (ASX:CBA) and other banks hit by internet outage
4 ASX 200 shares making all-time record highs

ASX investors couldn’t get enough of meme stocks last week

Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal

Bernd Struben has no position in any of the stocks mentioned. 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.

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