Breaking News: NAB Shares (and CBA) Reach New 52-Week High

2 min read | January 30, 2024 05:31 PM AEDT | By Team Kalkine Media

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Breaking News: NAB Shares (and CBA) Reach New 52-Week High — Image source: shutterstock

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This Tuesday's trading session has proven to be a fruitful one for the S&P/ASX 200 Index (ASX:XJO) and the majority of ASX 200 shares. The index came tantalizingly close to breaking its all-time high this morning, holding a 0.23% gain at 7,596.3 points at the time of writing. However, the focus here is on ASX financial shares, particularly National Australia Bank Ltd (ASX:NAB).

NAB (ASX:NAB) shares experienced a volatile day, with the second-largest bank on the ASX reaching a strong start, reaching a new 52-week high of $32.34 per share. Despite this early surge, NAB shares lost momentum and are currently down 0.16% for the day at $32.09 per share. Nevertheless, achieving a new 52-week high is a notable milestone for NAB.

ANZ Group Holdings Ltd (ASX: ANZ) shares also hit a new 52-week high of $26.99 a share on Tuesday. The bank has seen an 18% increase in its share price since June of the previous year. Meanwhile, Commonwealth Bank of Australia (ASX:CBA) outperformed its peers by not only reaching a new 52-week high but establishing an all-time record high. CBA shares surged to $116.94, marking the highest level the bank has ever traded. With a gain of more than 20% since late October, CBA has demonstrated robust performance.

Westpac Banking Corp (ASX: WBC) didn't break new highs today but reached $24.04, closely approaching its existing 52-week high of $24.10.

While there isn't a specific catalyst behind these new highs for NAB and other ASX 200 bank stocks, the broader factors contributing to the market's success are likely at play. These factors include declining inflation, robust economic growth with low unemployment, and expectations of interest rate cuts this year.

As earnings season approaches, with CBA set to release a half-year earnings report on February 14, investors may be anticipating positive results. The upcoming quarterly trading updates from other major banks in February could also influence share prices, leading to further highs or potential shifts in market dynamics. Until then, investors await the outcomes of these reports, especially looking for signals such as dividend hikes, which could impact the performance of bank stocks on the ASX.

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