How the Commonwealth Bank (ASX:CBA) share price moved this week

The Commonwealth Bank share price is sliding today, after reaching 52-week highs just 5 days ago. We take a closer look…

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The Commonwealth Bank of Australia (ASX: CBA) share price is joining the broader selloff on the S&P/ASX 200 Index (ASX: XJO) today.

In late afternoon trading, the Commonwealth Bank share price is down 1.2%, while the ASX 200 has slipped 1%.

That makes 3 days of losses for CBA shareholders this week, with shares posting gains only on Tuesday and Wednesday. Tallied together the Commonwealth Bank share price has slipped 0.8% this week.

Commonwealth Bank share price hit new 52-week high

Still, the past 12 months have been far from painful for CBA shareholders. Last Friday, 23 April, the Commonwealth Bank share price closed up 0.3% to trade for $89.39 per share, a 52-week high.

At the current $88.92 per share, CBA has a market cap of $157.9 billion, making it Australia’s largest bank.

Only 12 months ago you could have bought CBA stock for $62.69 per share. Meaning you’d be sitting on a 41.8% gain today. By comparison, the ASX 200 has gained 27% in that same time.

CBA has also edged out the ASX 200 so far in 2021. Year-to-date the Commonwealth Bank share price is up 6.2% while the ASX 200 has gained 5%.

What’s new with CBA this week?

Commonwealth Bank looks to have upped its game in the battle for market share with the growing crowd of buy now, pay later shares.

Last year CBA launched NEO, a zero-interest credit card allowing users to repay their purchases in instalments for a fixed monthly fee. Now the banks have expanded that offer to small businesses, for amounts up to $3,000.

As reports, CBA’s head of small business banking Claire Roberts said “the card would assist businesses and start-ups gain access to quick and cheap funds for their operations”.

According to Roberts:

A dedicated business credit card with no interest, no late fees and no foreign currency fees ticks the boxes for small businesses who want more flexibility with short-term cash flow to make purchases for their operations. Further, the fixed monthly fee provides small business owners with some level of financial certainty, which will help with their budgeting.

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Motley Fool contributor Bernd Struben 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.

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