The AMP Ltd (ASX: AMP) share price rose 2.14% higher on Friday to finish the week at 96 cents.
While there was nothing new out of AMP’s camp to explain the rise, investors have rallied behind ASX financials shares over the past few weeks.
Let’s take a look at what’s been happening with the financial services company’s shares.
What’s up with the AMP share price?
Momentum has been building in the financials sector all week with the S&P/ASX 200 Financials index (XFJ) spiking around 1% in that time. It has climbed 6% in the past month.
That momentum appeared to spill over into AMP on Friday, with shares trading on a daily volume roughly 69% of its four-week average.
However, unlike the broader index, AMP shares haven’t raced back north with authority. Instead, prices have gyrated back and forth over the past three months, trading in a range of around $1.05 to 87 cents on average, according to Bloomberg data.
The trend continued until Friday; shares trading in a sideways channel, without much price action either way, as seen below.
The firm’s full-year result certainly wasn’t enough to keep investors on board either, as the board decided to withhold paying a dividend.
And while shares are still rangebound, zooming out, they are in the red on basically all major time frames.
For instance, during the past 12 months, the AMP share price has fallen 28%, and is down more than 5% this year to date.
Add in the fact AMP has lost 86% of its value in the past five years. That means it must gain 400% in order to return to its 2018 highs.
The post AMP (ASX: AMP) share price bounces higher, but don’t go rushing in yet appeared first on The Motley Fool Australia.
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More reading
- If you’d sank $10,000 into AMP (ASX:AMP) shares 10 years ago, this is what you’d be left with today
- How is the AMP (ASX:AMP) share price performing against the financial sector lately?
- AMP (ASX:AMP) share price falters amid ‘important step forward’
- Has the AMP (ASX:AMP) dividend gone the way of the dodo?
- The AMP (ASX:AMP) share price has dumped 16% in under 4 weeks. What’s happening?
Motley Fool contributor Zach Bristow 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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