Another week, another 52-week high for the AMP Ltd (ASX: AMP) share price.
The stock has been on a roll lately, hitting a 52-week high of $1.285 last Wednesday before matching it on Monday.
And itâs gone one further today, cementing an 18-month high of $1.295 in intraday trade on Friday. That marked a 2.37% gain on its previous close.
However, the AMP share price has since eased slightly. Itâs currently trading at $1.29, 1.98% higher than it was at the end of Thursdayâs session.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has risen 2.54% at the time of writing.
The ASX 200 is seemingly taking the lead from New York, as is the S&P/ASX 200 Financials Index (ASX: XFJ). The sector has gained 1.95% right now.
So, what might be helping to drive the AMP share price â and the broader market â higher today? Letâs take a look.
AMP share price inks new 52-week high
The AMP share price inked a new 52-week high today despite no news having been released by the embattled financials giant.
While the stock has had a good run through 2022 so far, itâs still nearly 75% lower than it was in November 2017.
Todayâs gains come amid a broader market surge, apparently brought on by an even stronger session on Wall Street overnight.
While most of Australia slept, the Dow Jones Industrial Average Index (DJX: .DJI) rose 3.7% and the S&P 500 Index (SP: .INX) lifted 5.5%. In true 2022 fashion, the gains appeared to be spurred by softer-than-expected US inflation data.
The nationâs consumer price index rose 0.4% in October and 7.7% over the prior 12 months, according to data released on Thursday (US time). That seemingly bolstered hopes the US Federal Reserve might ease up on rate hikes.
Friday’s lift included, the AMP share price is 29% higher than it was at the start of 2022. It has also gained 12% since this time last year.
Comparatively, the ASX 200 has fallen 6% year to date and 3% over the last 12 months.
The post Why did the AMP share price just crack a new 52-week high today? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper 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 Scott Phillips.
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