Commonwealth Bank Tops BHP to Become Biggest Australian Firm
- Lender now makes up 9.6% of Australia’s S&P/ASX 200 index
- BHP shares are down about 16% this year, CBA has risen 22%
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Commonwealth Bank of Australia has shot past the world’s biggest miner BHP Group Ltd. and is now the country’s most valuable company.
The lender’s market capitalization hit a record high of A$229 billion ($149 billion) as of midday in Sydney Wednesday. That leaves it comprising 9.6% of the benchmark S&P/ASX 200 Index of the nation’s leading firms, ahead of BHP’s weighting which slipped below 9%. The valuation gap has widened since the pair switched top spot on July 12.