A surging share price has pushed Commonwealth Bank within striking distance of dethroning BHP as the largest stock on the ASX, more than two years since the end of the iron ore giant’s London listing made it the country’s most valuable company.

CBA added 2 per cent to its market cap this week, capping a 25 per cent return in the last 12 months to touch a record high of $128.19 in the opening minutes of trade on Friday.