SYDNEY, July 17, 2026, 09:05 AEST
- The ASX cash market was in its pre-open phase, with continuous trading scheduled to start at approximately 09:59:45 Sydney time.
- CBA ended Thursday up 1.84% at A$173.13.
- Early estimates show CBA accounted for 68% of the Big Four’s total daily market-value increase.
Commonwealth Bank of Australia ASX:CBA led Thursday’s rally among major banks, climbing 1.84% to A$173.13 and lifting its market value by roughly A$5.23 billion.
Preliminary data indicates that CBA accounted for roughly 68% of the A$7.71 billion total profit reported by the four banks. This level of concentration is notable. Investors did not boost every major lender to the same extent.
CBA’s leadership came at a high cost, with its price-to-earnings ratio of 28.0 standing 49% higher than the average of its three peers.
CBA offers a dividend yield of 2.86%, compared to about 4.35% for its peers. Investors are drawn more by the quality premium than by the income.
| Bank | July 16 close | Thursday | July 10–16 | P/E | Preliminary daily value gain |
|---|---|---|---|---|---|
| Commonwealth Bank of Australia ASX:CBA | A$173.13 | up 1.84% | increased 2.5% | 28.02x | A$5.23 billion |
| National Australia Bank ASX:NAB | A$39.76 | rose 1.25% | up 0.4% | 19.84x | A$1.53 billion |
| ANZ Group Holdings ASX:ANZ | A$36.21 | gained 0.72% | climbed 0.4% | 18.40x | A$0.79 billion |
| Westpac Banking Corp ASX:WBC | A$36.63 | added 0.14% | up 0.2% | 18.05x | A$0.17 billion |
Latest prices, ratios and share numbers sourced from Google Finance. Google Closing values for July 10 are taken from historical market data. All percentage and value movements have been calculated.
Commonwealth Bank of Australia (CBA) rose 2.5% between July 10 and Thursday, while the S&P/ASX 200 index advanced just 0.4% in the same period.
The broader market ended nearly flat on Thursday at 8,840.7. Financial stocks rose 0.88%, counterbalancing a 1.58% drop in materials.
Carl Capolingua, Market Index analyst, described the benchmark as “constructive, but ultimately still equilibrium.” He noted that caution was still necessary until there were clearer signs of stronger demand. Market Index
CBA maintains its premium due to clear operational strengths. In February, its first-half cash profit hit a record A$5.45 billion, a rise of 6%.
Home loans climbed 3.7%, business lending advanced 6%, and household deposits were up 7.5%. Atlas Funds Management analyst Michael Haynes pointed to “operational excellence across mortgages” despite ongoing competition. Reuters
On the other hand, concerns about valuation remain high. In May, CBA dropped 10.43% in one trading day, wiping out close to A$30 billion in market capitalization.
The decline came amid increased provisions and worries about mortgage demand, highlighting how rapidly the premium can narrow.
The first test for Friday comes at the open, with ASX futures indicating a weaker start, following a technology-driven decline on Wall Street.
CBA’s next financial release is slated for August 12, leaving next week without a scheduled earnings event from the bank.
This puts the focus on macroeconomic trends and sector rotation as key factors for the shares. Investors are set to gauge if Thursday’s CBA-driven demand can persist despite a dip in global risk appetite.
Risks are evident. Ongoing margin pressure, lagging mortgage growth and a further increase in credit provisions may highlight the valuation gap.
Currently, CBA holds its status as the standout asset in the sector. Figures released on Thursday indicate investors continue to favour it, despite its significantly higher valuation.
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