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How has the AMP (ASX:AMP) share price beaten the market over the past week?

Are the financial services company’s dog days over?
The post How has the AMP (ASX:AMP) share price beaten the market over the past week? appeared first on The Motley Fool Australia. –

The AMP Limited (ASX: AMP) share price hasn’t exactly amassed a reputation as a market beater over the past few years.

It’s a sad fact for shareholders that AMP has been one of the worst-performing ASX blue-chip investments in recent memory. This company is still down more than 80% over the past 5 years alone, and down close to 94% from the most recent all-time high, which happened to occur way back in 2002.

We are probably all aware of AMP’s shortcomings by now, considering the public excoriation it received following the 2018 banking royal commission.

But a little more recently, the AMP share price’s fortunes seem to have been given something of a reprieve.

Over the past week (or 5 trading days), the AMP share price has gained a healthy 1.18%. Over the same period, the S&P/ASX 200 Index (ASX: XJO) has gone the other way, falling by around 0.75%. That means AMP shares have been a market-beating investment for the past week. By quite a large margin too.

In fact, AMP is now up a very robust 17% since it last found a new 52-week (and all-time) low of 88 cents a share late last month. Once again, AMP has outperformed the ASX 200 over this period. The Index went backward by roughly 1% over the same span.

So what’s going on with AMP? Why have investors suddenly started sending this embattled company higher?

AMP share price pulls back from the brink

Well, it’s not exactly clear – the company has not announced any news or major developments recently.

However, AMP hasn’t been entirely out of the limelight. The company has recently launched a new advertising campaign, highlighting its long history of wealth management in the Australian economy. The campaign launched with a 60-second television advertisement that played during Sunday’s NRL Grand Final, according to adnews.com.au.

According to AMP’s corporate newsroom, the new campaign is “focused on recognising the importance of investing for all Australians”.

Here’s some of what AMP CEO Alexis George had to say on the campaign:

AMP is one of the most recognised brands in Australia and has a long history of supporting its customers and the community to plan and invest for the future.

One of my key priorities since joining in August has been to restore pride and trust in AMP. I have spent time listening to our customers and can clearly see the underlying goodwill towards AMP – a goodwill that has been built over a 172-year history and a purpose of supporting Australians…

As we transform AMP, it will be important, more than ever, that we show how AMP can help every Australian achieve their goals through the services we offer.

So it’s possible this new marketing endeavour has given investors the boost they needed to buy back into AMP shares over the past week. Or it could just be a good old-fashioned rush to buy shares at a cheap price.

Whatever the reason for AMP’s stellar week or two, shareholders will no doubt be relieved that AMP has pulled back from the lows we saw last month. At least for now.

At the current AMP share price of $1.03, this company has a market capitalisation of $3.37 billion.

The post How has the AMP (ASX:AMP) share price beaten the market over the past week? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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