The banks are major beneficiaries of rising bond yields as it enables them to increase margins hence it should be no great surprise that yesterday CBA joined the illustrious $100 club, we’ve called it all year. Much of the easy money may be behind us with regards to the banks this year as they’ve revelled in the rising yield environment but MM has no interest in reducing our holdings however we would be a buyer of the next $5 pullback in CBA, or an equivalent sector name.
MM remains bullish CBA
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