CBA shares crack $100 milestone
Commonwealth Bank shares have traded for $100 for the first time since the bank joined the market in 1991.
The shares changed hands for the triple-digit amount in the first hour of trade on Wednesday after opening at $99.25.
They soon rose as high as $100.30.
CBA is the biggest player on the market and has a market value of around $177 billion.
The shares traded, for the most part, at little more than $60 each during 2020.
However, Australia’s strong economic recovery from the coronavirus pandemic has investors punting on the CBA will benefit from better times ahead.
Anyone who bought shares in the first-tranche initial public offer in 1991 will be particularly pleased.
The bank offered shares for $5.40 each. The minimum investment was $2,160.
Employees had a better offer. They could buy shares for $4.86 each and only needed a minimum investment of $486.
If the share prices gains can be entrenched, the CBA will join a select group of stocks trading for more than $100.
These are biotech CSL ($290.88), hearing implant provider Cochlear ($225.69), property advertising firm REA Group ($162.41), investment group Macquarie ($152.51), accounting software vendor Xero ($129.80), miner Rio Tinto ($119.45) and Dominos Pizza ($113.75).
By 9.30am, CBA shares had dipped back a tough to $99.80.
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