Commonwealth Bank’s market valuation has broken through $200 billion for the first time, as investor hopes of interest rate cuts sparked a rally in bank shares and lifted the market to a record high.
Commonwealth Bank’s market valuation has broken through $200 billion for the first time, as investor hopes of interest rate cuts sparked a rally in bank shares and lifted the market to a record high on Friday.
The move means CBA is the only company aside from BHP on the ASX with a market capitalisation of more than $200 billion. The next biggest companies on the market are Rio Tinto, biotech giant CSL, National Australia Bank, Westpac, ANZ Bank and Fortescue Metals Group. “When you get some data, markets are not selling off as aggressively,” he said, predicting there will not be a rate cut until November or December. “Inflation is clearly the number one priority for the RBA.”The S&P/ASX 200 Index rose 83.3 points, or 1.1 per cent, to 7847 at the close on Friday, with all sectors except industrials trading in positive territory. The Australian dollar was also stronger at US66.29¢.
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