The Commonwealth Bank share price is ahead of those of its peers on this brutal day.
The post Why is the CBA (ASX:CBA) share price outperforming its big four peers today? appeared first on The Motley Fool Australia. –
The Commonwealth Bank of Australia (ASX: CBA) share price is leading its big four peers on the ASX today.
At the time of writing, the CBA share price is $101.47, 1.37% lower than its previous close.
In second place is the National Australia Bank Ltd (ASX: NAB) share price, which has dropped 1.45%.
Next best is Australia and New Zealand Banking Group Ltd (ASX: ANZ). Its stock has slipped 1.77%. Meantime, that of Westpac Banking Corp (ASX: WBC) is bringing up the rear, sporting a 1.97% drop at the time of writing.
Let’s take a look at what might be putting CBA’s stock in the lead on this brutal day.
CBA stock leads the big four
The CBA share price is outperforming its fellow big four banks as the ASX 200 battles through a rough day.
The S&P/ASX 200 Index (ASX: XJO) is currently down 2.15%, having fallen 159.2 points today. If the index doesn’t manage to correct itself this afternoon, it will be recording its fourth-worst day of the last 12 months.
Unsurprisingly, only a handful of ASX 200 shares are managing to record gains today as CBA and its peers struggle.
There’s no real rhyme or reason as to why the CBA share price is ahead of those of the other big four banks today.
This is particularly curious as the Australian Securities and Investments Commission (ASIC) handed CBA, Australia’s biggest bank, 30 criminal charges late last week.
The Commission alleges CBA sold its customers unusable insurance products for credit cards and loans.
The bank has agreed to plead guilty to the charges which each carry a maximum penalty of $1.7 million.
CBA share price snapshot
Despite today’s fall, the CBA share price has been performing well lately.
It is currently 23% higher than it was at the start of 2021. It has also gained 58% since this time last year.
Should you invest $1,000 in Commonwealth Bank right now?
Before you consider Commonwealth Bank, 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 Commonwealth Bank 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
Motley Fool contributor Brooke Cooper 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.