For weeks, the Commonwealth Bank share price seemed to defy gravity and the will of thousands of fund managers and brokers who could not believe its rise. By late last month, shares in the country’s largest lender had recorded an almost 25 per cent rise since the start of the year.

But is the gloss finally coming off? The great rotation is a theme many investors like to mention – out of the banks, with their expensive shares and low growth, and into mining giants, helped by strong iron ore prices.