Fundies say CBA still the ‘premier bank’ despite $25b market wipeout
Commonwealth Bank’s more than $25 billion wipeout this week has shaken both retail and institutional investors, but fund managers say the brutal sell-off has more to do with its lofty price tag than any major problems in Australia’s biggest lender.
Shares in the bank tumbled nearly 7 per cent on Tuesday after its trading update for the first three months of the financial year fell short of expectations. The selling extended into Wednesday when the stock dropped another 3 per cent to $158.38.
Loading…
