The Australian Securities Exchange (ASX), also called Sydney Stock Exchange, is the primary stock exchange of Australia which is headquartered in Sydney. Initially known as the Australian Stock Exchange formed on 1987, the present ASX is the product of the merger between Australian Stock Exchange and Sydney Futures Exchange in 2006. In this article, we will discuss the top 5 ASX listed companies with the highest market cap.
Constituents are selected by a committee from Standard & Poor’s (S&P) and the Australian Securities Exchange (ASX). All ASX listed companies are ranked by market capitalization. The company stocks that meet the minimum volume and investment benchmarks will then be qualified for inclusion in the index.
Rebalances are calculated quarterly, specifically in the months of March, June, September and December. If a significant event occurs (e.g. delisting, merger, etc.) an intra-quarter rebalance may be conducted. A minimum of two business days’ notice is given to the market.
Here are the top ASX listed Companies with the highest market cap.
First on the ASX listed companies is the Commonwealth Bank of Australia, also known as Commonwealth Bank, CBA or Commbank. It is an Australian multinational bank with businesses across UK, US, Asia, New Zealand and Fiji.
Market Cap: $131,282,000,000
Westpac Banking Corporation, commonly known as Westpac, is a bank and an Australian financial-services provider that is based on Westpac Place, Sydney. It is part of the Australia’s “big four” in banks and its name is a portmanteau of "Western-Pacific".
Market Cap: $106,142,000,000
Third in our ASX listed companies is the BHP Billiton Limited, formerly known as BHP Billiton, is an Anglo-Australian multinational mining, metals and petroleum dual-listed public company based in Melbourne and Victoria, Australia and is founded in 1885.
Market Cap: $87,936,100,000
Australia and New Zealand Banking Group Limited, commonly known as ANZ, is the largest bank in New Zealand, where it became known as ANZ National Bank Limited in 2003 and changed to ANZ Bank New Zealand Limited in 2012.
Market Cap: $86,360,000,000
Last on our list is the National Australia Bank Limited. It is one of the four largest financial institutions in Australia in terms of market capitalization, earnings and customers. It is headquartered in Melbourne, Australia.
Market Cap: $ 81,101,100,000
As you can see from the list above, the ASX is mostly dominated by the financial sector. At present, the financials and resources make up around 50% of the total value index. This can be seen as highly concentrated on an individual stock basis as the financials are dominated by the big 4 banks.