Cha-ching! The NAB share price just hit a multi-year high

NAB shares just hit a 4-year high…

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The S&P/ASX 200 Index (ASX: XJO) has had a bit of a wild day so far in this week’s start to trading. At the time of writing, the ASX 200 is down, but only just, having lost 0.02% at just under 7,300 points.

But we have already seen some significant volatility, with the index swinging from some healthy gains back to a loss, then a gian, and now a loss. But the National Australia Bank Ltd. (ASX: NAB) share price has arguably been even wilder. 

NAB shares opened at $31.20 this morning, slightly below where they closed at last week. But then we saw a decisive pop in the NAB share price, which took it as high as $31.46 a share. That happens to be a new 52-week high for this ASX 200 big four banking share. 

But not only have we seen a new 52-week high, but that price is also the highest NAB shares have been in several years. In fact, the last time we saw NAB approaching $31.50 a share, it was way back in November 2017, meaning NAB has just had a 4-year high. 

NAB share price hits new 4 year-high, only to fade away

Unfortunately, this new high seemed to burn out bright. Upon reaching this high, NAB shares promptly fell back to earth. The company is now going for just $30.95 a share, down 0.83% for the day and 1.6% from its new 52-week benchmark.

The other major ASX bank shares have seen similar pricing patterns (without new 52-week highs in between though). Commonwealth Bank of Australia (ASX: CBA) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) are the only banks to still be in the green today. Westpac Banking Corp (ASX: WBC) has joined NAB in the red after initially popping this morning as well.

It’s unclear what has sparked this volatility with ASX bank shares today, but it doesn’t seem confined to this sector, given what has happened with the ASX 200 as well.

At the current NAB share price, this ASX 200 banking giant has a market capitalisation of $99.85 billion, with a dividend yield of 4.1%. 

Motley Fool contributor Sebastian Bowen owns National Australia Bank Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. 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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