It’s been a cracking start to the trading week so far for ASX shares and the S&P/ASX 200 Index (ASX: XJO). At the time of writing, the ASX 200 is up a pleasing 1.57% and approaching 6,700 points. But it’s ASX bank shares, like the Commonwealth Bank of Australia (ASX: CBA) share price, that are really hitting their straps today.
All four of the ASX 200 major banks are outperforming the market so far this Monday. Take Westpac Banking Corp (ASX: WBC). Westpac shares are presently up a healthy 2% at $19.87 each. Or National Australia Bank Ltd (ASX: NAB). Its shares are up an even more pleasing 2.37% at $27.66 each.
Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares are powering ahead with a gain of 2.49% to $22.45 a share. But it’s CBA shares that are leading the pack. The ASX’s largest bank is now up 2.55% at $92.46 a share.
CBA shares are now up a pleasing 4.4% over the past five trading days. However, that still puts CBA at a loss of around 13% over the past month, and down almost 10% in 2022 thus far.
CBA and ASX bank shares light up the ASX 200
So what’s going on with these bank shares today?
There’s been no specific news out of any of the big four this Monday. So it seems like the market is just in the mood to give bank shares a run. These were some of the hardest-hit blue chip ASX shares over June, after all. Between 1 June and 17 June, for example, CBA shares fell more than 18%. The ASX 200 fell just 10.5% over the same period.
17 June actually saw three of the big four ASX bank shares hit new 52-week lows. NAB was the only big four bank not to see a new 52-week low share price on that day. So perhaps investors have decided that things went too far and have catapulted the valuations of the ASX banks further away from these lows today.
Whatever the reason for today’s rally, it’s certainly a good day to own ASX bank shares.