The S&P/ASX 200 Index (ASX: XJO) isn't having the best day so far this Tuesday. At the time of writing, the ASX 200 is down by 0.71% at just under 7,100 points. But even though the ASX 200 isn't having the best time of it today, the same can't be said of the Commonwealth Bank of Australia (ASX: CBA) share price.
CBA shares are seemingly oblivious to the woes of the broader market today. The ASX's largest bank share is currently up a very healthy 1.72% so far today at $103.74 a share. It's not just CBA either. The other three major ASX banks are all in the green as well. Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) are also up by more than 1%. Indeed, the ASX financials sector is currently the top-performer on the markets today.
Today's move means that CBA shares are now up just over 8.5% in the past week. So what's going on here?
Well, it's not entirely clear. There hasn't been any major ASX news out of CBA over the past week, or indeed out of the ASX bank sector, that might convincingly explain this sharp rise.
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What's behind the strong CBA share price today?
But there have still been some developments. Yesterday, the bank announced that it had appointed two new general managers in its Major Client Group. The Major Client Group was established in 2020 to provide "dedicated lending and banking solutions to large and complex businesses nationally across a diverse range of industries".
Craig McQuillen is the new general manager in this capacity for Victoria, while Jon Coombes will represent Queensland.
In some other minor news today, CBA has also announced that it has become the first Australian bank to be recognised under the International Sustainability and Carbon Certification (ISCC) scheme. The ISCC is reportedly a "voluntary sustainability certification scheme that facilitates sustainable practices in primary production industries, such as agriculture".
It aims to provide supply chains with certified proof that agricultural commodities are being sustainably produced. As well as in a manner that "meets community expectations for environmentally, socially, and economically sustainable production".
So it's unclear whether either of these announcements is helping push up the CBA share price this week. Perhaps they are. Or perhaps CBA is just rising alongside the other ASX banks. But whatever the underlying cause, it certainly has been a strong day, and week, for this ASX bank.
At the current CBA share price, the ASX 200 banking giant has a market capitalisation of $174.05 billion, with a dividend yield of 3.62%.
