Chart: The Commonwealth Bank of Australia (ASX:CBA) share price just fell below $69

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ASX:CBA

The Commonwealth Bank of Australia (ASX:CBA) share price has dropped a further 49 cents or 0.7 per cent to trade at $68.88 in Tuesday morning trade.

This comes a few weeks after CBA shares dipped below $70, the first times they’d done so since September 2016, just before it and the other bank shares took off after Donald Trump’s shock election victory.

In May last year, the CBA share price traded above $85, meaning it has fallen almost 19 per cent in the last 13 months.

You have to go all the way back to March 2013 for when the CBA share price first broke through $70. Dividends aside, the CBA share price has now gone nowhere for the past 5 years.

Last month, the Commonwealth Bank share price fell after its third quarter trading update revealed home loan arrears rose as borrowers struggled with stagnant wage growth and the rising cost of living.

Source: The Capital Club

Earlier this month a Bloomberg article said the worst may be yet to come for bank shares.

Of the big four banks, the CBA share price is by far the weakest today. ANZ shares are down just 3 cents to $26.63, while NAB shares and Westpac shares are 5 cents and 6 cents higher respectively. The S&P/ASX 200 Index is trading 8 points higher at 6,053.

Contributors to this article may own shares in some of the companies mentioned in this article. The Capital Club has a thorough disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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Bruce Jackson has 30 years of hands on investing experience. He is passionate about stock market investing, running his own portfolio and SMSF. His focus is on small cap growth stocks. You can contact Bruce at brucej@thecapitalclub.com.au