Shares in the Aussie wealth manager have been on a roll.
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The AMP Ltd (ASX: AMP) share price is in a rich vein of form right now. Shares in the Aussie wealth manager have climbed 5.91% higher in the last week to 98.5 cents per share.
That’s still a long way shy of the group’s 52-week high of $1.77 per share, but it’s a start. After all, the financials group recently endured 9 straight trading days without climbing higher.
Things may have turned a corner, in the short term at least, if the last week is anything to go by. So, what’s been driving the embattled wealth group’s valuation higher in recent days?
Why the AMP share price has been climbing
Interestingly, there have been no new announcements from the Aussie wealth manager in recent days. That hasn’t stopped investors snapping up AMP shares just above the group’s 52-week low.
The past week also coincides nicely with the market panic over Evergrande Group. Markets were smashed on Monday last week as investors feared a broad market collapse. However, things have been looking up since then.
The S&P/ASX 200 Index (ASX: XJO) has added 1.9% in the past 5 days and closed at 7,384.2 points on Monday. AMP has been outperforming the broad market index with its almost 6% gains over the same period.
AMP has certainly made progress in recent months. The embattled wealth manager delivered strong investment earnings in the first half of 2021 while the group’s remediation program has now wrapped up.
There was also the 57% jump in net profit after tax to $181 million during the group’s August half-year results with Australian wealth management assets under management climbing 8% to $121 billion.
The AMP board declined to pay an interim dividend and the AMP share price has been languishing in recent weeks. However, shares in the wealth manager are showing signs of positive momentum after climbing higher over the past week.
The post The AMP share price is up 6% in a week, here’s why appeared first on The Motley Fool Australia.
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Motley Fool contributor Ken Hall 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.