CBA Closes Gap on BHP's Market Cap Crown

CBA shares are closing in on BHP's market cap crown after a strong year of outperformance from the Aussie mining giant. In the past six weeks, CBA shares have leapt 16.8% to $175.23, narrowing the gap with BHP's current valuation of $305.1 billion.

CBA had held the title of biggest ASX share for almost 18 months before relinquishing it to BHP on January 27th. However, the bank's shares have been steadily gaining ground since March when they struggled due to concerns over valuation and rising interest rates.

The iron ore price has also taken a hit, falling below US$100 per tonne, which has put pressure on BHP's share price. The miner's copper production was down 5% in the June quarter compared to last year, further contributing to the sell-off.