If you were watching the boards yesterday, you’ll likely have noticed the momentous gains posted by Commonwealth Bank of Australia (ASX: CBA) shares.
When the closing bell sounded, shares in the S&P/ASX 200 Index (ASX: XJO) bank stock were up a whopping 6.8% on the day, trading for $169.56 apiece.
This saw Australia’s biggest bank stock commanding a market cap of $283.8 billion.
Importantly, the big surge in CBA shares also saw the bank retake its recently lost title of biggest stock on the ASX from Aussie mining giant BHP Group Ltd (ASX: BHP).
BHP shares closed up 1.6% on Wednesday, trading for $51.07 each. This gives BHP a market cap of $259.4 billion.
BHP’s fleeting moment on top
It was only on 27 January that BHP reclaimed the biggest stock crown that it had lost to CBA almost 18 months earlier.
That handover followed on a six-month upward trend in iron ore prices (BHP’s number one revenue producer), while copper prices (BHP’s number two revenue earner) surged to new records.
At the same time, CBA shares were being pressured with expectations of RBA interest rate cuts in 2026, which could pressure the bank’s margins. CommBank stock also came under pressure amid ongoing analyst warnings on the big bank’s overvaluation relative to its peers.
But the past three weeks have ushered in a rapid turnaround that’s seen BHP lose its biggest stock status far sooner than most market watchers had anticipated.
Part of that turnaround has been driven by slumping iron ore prices, falling from around US$108 per tonne in mid-January to be trading at around US$100 per tonne on Wednesday.
And rather than cutting rates in 2026, resurgent inflation saw the RBA increase the official interest rate to 3.85% last Tuesday, which could help CBA’s margins.
At the end of it all, BHP shares gained 2.7% since 27 January through to yesterday’s market close, while CBA shares have rocketed 13% over this same time.
And so the old king is back. For how long, remains to be seen.
Why did CBA shares go gangbusters on Wednesday?
The outsized gains posted by CBA shares on Wednesday followed the release of the bank’s unexpectedly strong half-year results.
Highlights included a 6% year-on-year increase in cash net profits after tax (NPAT) to $5.45 billion.
With profits soaring, CBA rewarded stockholders with a fully-franked interim dividend of $2.35 per share, up 4% from last year’s interim dividend payout.
The post That was fast! BHP relinquishes biggest ASX stock crown as CBA shares rocket appeared first on The Motley Fool Australia.
Should you invest $1,000 in Commonwealth Bank of Australia right now?
Before you buy Commonwealth Bank of Australia shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Commonwealth Bank of Australia wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
* Returns as of 1 Jan 2026
.custom-cta-button p {
margin-bottom: 0 !important;
}
More reading
- My 10 best ASX shares to buy in February
- Here are the top 10 ASX 200 shares today
- I would skip Northern Star shares and buy these ASX stocks
- Here’s the outlook for CBA shares in 2026
- CBA share price jumps 8% on strong half-year results
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. 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 BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.