What's happening with the CBA (ASX:CBA) share price?

Records are made to be broken, as CommBank displayed several times this week.

| More on:
CBA share price represented by branch welcome sign

Image Source: Commonwealth Bank

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Commonwealth Bank of Australia's (ASX: CBA) share price is slipping in late afternoon trading, down 1.8% to $104.06 per share.

Barring a last moment rally, today will mark the first of the 4-day trading week (the ASX was closed on Monday in honour of Queen Elizabeth's birthday) to see the CBA share price close in the red.

What happened with the CBA share price this week?

CommBank finished Wednesday up 1.32% to a new record high of $104.82 per share.

The big 4 bank appears to be solidly holding above $100 per share. That milestone was achieved for the first time ever on 28 May, when the CBA share price closed at $100.56.

Wednesday's strong performance came despite allegations emerging on the day that CommBank may have violated anti-money laundering laws.

As my Foolish colleague Brendan Lau wrote, "The potential legal headache is linked to an investigation into BSP Financial Group Ord Shs (ASX: BFL) by Papua New Guinea authorities."

Acting as a correspondent bank to BSP, CommBank enables BSP's customers to transfer money in to and out of Australia.

Should the Papua New Guinean courts find that BSP violated the law, CommBank as well as National Australia Bank Ltd. (ASX: NAB), which also acts as a correspondent bank to BSP) could be held liable for their role under Australian law.

Time will tell…

Another new record high as CommBank drops offline

Yesterday, saw the CBA share price hit yet another new record high. The bank closed up 1.04% at $105.91 per share.

This came as the bank was hit by internet woes that prevented customers from accessing its mobile banking app in the afternoon hours.

CBA was in good company though. The Reserve Bank of Australia (RBA), Westpac Banking Corp (ASX: WBC), and Australia and New Zealand Banking Group Ltd (ASX: ANZ), among others, were hit with the same accessibility issues.

Apparently, all the impacted businesses use the same content delivery network, Akamai. Though at time of writing, the cause of yesterday's temporary outage has not been verifiably determined.

Though the CBA share price will finish the last day of the week in the red, shares remain up 51% over the past 12 months and up 24% so far in 2021.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Bank Shares

Hologram of a man next to a human robot, symbolising artificial intelligence.
Bank Shares

How artificial intelligence could transform the banking industry

ANZ describes the move as “the single-biggest change program” the bank will undertake over the next few years.

Read more »

A man in a business shirt and tie takes a wide leap over a large steel trap with jagged teeth.
Bank Shares

5.75% yield: Are ANZ shares a dividend trap?

ANZ's dividend currently beats out its own term deposits.

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Bank Shares

Here's the earnings forecast out to 2029 for CBA shares

How much earnings could CBA generate in the coming years?

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Bank Shares

CBA shares hit a new $176 record high. Too late to buy?

What can stop this bank now?

Read more »

man thinking about whether to invest in bitcoin
Bank Shares

Is this the right time to invest in Westpac shares after the interest rate cut?

Should investors bank on rate cuts helping Westpac?

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer
Bank Shares

How did ASX bank shares react to the RBA decision?

The Reserve Bank of Australia just reduced interest rates by 0.25% in the second cut for 2025.

Read more »

A young woman sits at her desk in deep contemplation with her hand to her chin while seriously considering information she is reading on her laptop.
Dividend Investing

Dividends from ASX 200 bank shares 'looking very stretched': expert

The banks have always been a favourite choice among ASX dividend investors. But the outlook ain't great.

Read more »

A pink piggybank sits in a pile of autumn leaves.
Bank Shares

How much higher can the CBA share price rise?

One fund manager has given their view on the biggest bank.

Read more »