Why is the CBA share price sinking today?
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The Commonwealth Bank of Australia (ASX: CBA) share price is under pressure on Wednesday.
In morning trade, the banking giant’s shares are down 3.5% to $156.59.
This compares to a 0.65% decline by the ASX 200 index.
Why is the CBA share price sinking?
There are a couple of reasons for today’s share price decline.
The first is weakness in the banking sector caused by the release of a disappointing quarterly update from National Australia Bank Ltd (ASX: NAB). Its shares are down 7% at the time of writing.
Investors may be questioning bank valuations after updates this month largely underwhelmed.
The other reason for the CBA share price weakness is that today is the ex-dividend date for its latest payout.
