CBA shares fell today on the back of an 8% drop in their statutory net profit and a 4.7% decline in their cash earnings. Intriguingly, CBA is now betting on the buy-now pay-later sector that has emerge in the wake of Afterpay's success.
Tech sector down, gold miners up - that's the theme today as the US-China trade war boils over.
Analysts at Morgan Stanley, UBS and JP Morgan are now forecasting a tumble for the CBA share price. We look at their reasons for thinking this and discuss three investment alternatives in a low interest rate environment.
All Big Four banks were down on the ASX today. Commonwealth Bank of Australia [ASX:CBA] fell 0.13% at $81.81, Australian and New Zealand Banking Group [ASX:ANZ] fell 0.93% at $27.75 today, Westpac Banking Corp [ASX:WBC] has also lost ground, down 0.17% at $28.75, and National Australian Bank Ltd. [ASX:NAB] fell 0.45% to $28.51, having been down as $27.83.
The Commonwealth Bank of Australia [ASX:CBA] share price has outperformed the other Big Four bank stocks in a 12-month period. We look at its prospects going forward.
Today, Spirit Telecom Ltd [ASX:ST1] announced it has secured a new and increased debt facility with Commonwealth Bank of Australia [ASX:CBA] for $8 million.At time of writing, Spirit’s share price is trading at 23 cents, up 2.22% .
While Macquarie and ANZ are trading ex-dividend, the share price of CBA was down on the revelation that its third quarter profit fell 28% to $1.7 billion in the three months to March.
Earlier this week, it was reported that part of this new ‘plan’ to lift profits included the possible removal of up to 10,000 (or one in four) CBA employees in an effort to cut costs by almost $2 billion.
The Australian ‘Big Four’ — Australia And New Zealand Banking Group Limited [ASX:ANZ], National Australia Bank Limited [ASX:NAB], Westpac Banking Corporation [ASX:WBC] and Commonwealth Bank of Australia [ASX:CBA] are all seeing declines today. ANZ's Share Price is down 0.95%.
This morning, the ASX market wiped as much as $22 billion off of its value, as nervous traders shied away from global market slumps. Currently, the S&P/ASX200 index is down 1.21% or 74.9 points to 6120.30.