Insights

The AMP share price is up 6% in a week, here’s why

Shares in the Aussie wealth manager have been on a roll.
The post The AMP share price is up 6% in a week, here’s why appeared first on The Motley Fool Australia. –

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.

Should you invest $1,000 in AMP right now?

Before you consider AMP, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and AMP wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

These 3 ASX 200 shares are topping the volume charts today

AMP (ASX:AMP) share price on watch amid latest legal battle
These 3 ASX 200 shares are topping trading volumes today

AMP (ASX:AMP) share price climbs 6% in first upwards move in 2 weeks
How has the AMP (ASX:AMP) share price been performing since reporting results?

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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!