Commonwealth Bank of Australia (ASX: CBA) has surged past $85 per share today, setting itself a new all-time high price. Shares in Australia's largest bank rallied $1.39 or 1.66%, hitting a high of $85.10. The bank's previous high was set at $83.92 in late July.
Indeed, it's been an eventful couple of months for the bank's shareholders. Since peaking in July, the stock fell by more than 12% into a "technical correction", but has since rallied hard, rewarding shareholders who held on for the ride.
The bank's rally has come at the perfect time and is helping to drive the so called "Santa Rally" which is largely being driven by the nation's miners and energy stocks. BHP Billiton Limited (ASX: BHP), for instance, is up 2.4% while the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has risen 1.4%, extending on its 2.5% rise on Friday.
Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) have also risen strongly, up 1% and 1.1% respectively, while National Australia Bank Ltd. (ASX: NAB) has jumped 1.5%.
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