The AMP (ASX:AMP) share price is rising today

It’s a good day for embattled AMP shareholders.
The post The AMP (ASX:AMP) share price is rising today appeared first on The Motley Fool Australia. –

The AMP Ltd (ASX: AMP) share price is moving on up. At the time of writing, shares in the financial institution are trading for $1.20 – up 3.45%. For context, the S&P/ASX 200 Index (ASX: XJO) is 0.32% higher.

The positive price movement comes amid a new board appointment and daily share buybacks.

Let’s take a closer look at what AMP has been up to.

AMP’s recent news

In a statement to the ASX today, AMP announced the appointment of Michael Hirst to its board. He will serve as an independent, non-executive director. Hirst starts next Thursday.

Hirst was CEO of Bendigo and Adelaide Bank Ltd (ASX: BEN) between 2009 and 2018. He also serves on the boards of AMCIL Limited (ASX: AMH) and not-for-profit GMHBA Limited. As well, he is the chair of Butn, a fintech start-up.

AMP Chair Debra Hazelton said:

As the CEO of Bendigo and Adelaide Bank, Mike led and grew the business in a highly challenging and competitive environment with a clear focus on people and clients.

His detailed knowledge of Australia’s retail banking and wealth environment, as well as his broad sector experience as a non-executive director, including innovative fintech start-ups and across Government, will be invaluable.

In other news, the company is continuing its on-market share buyback.

AMP share price snapshot

Over the past 12 months, the AMP share price has decreased by more than 32%. It stands in stark contrast to Australia’s big 4 banks, which have all increased in value from around 47% to 55% higher.

At the time of writing, AMP has a market capitalisation of $4.1 billion.

The post The AMP (ASX:AMP) share price is rising today appeared first on The Motley Fool Australia.

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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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