The AMP Ltd (ASX: AMP) share price ended last month higher than it started, trading at $1.05.
That marked a 1.94% month-on-month gain, compared to the S&P/ASX 200 Index (ASX: XJO)âs 1.11% fall over the course of March.
So, what went on with AMP last month? Letâs take a look.
AMP stock outperforms ASX 200 in March
Those invested in AMP were able to breathe a sign of relief in March as the company’s share price recovered a fraction of its February losses.
Shares in the financial services icon tumbled 23% in February amid the release of the companyâs first-half earnings.
It was a slump AMP chair Debra Hazelton addressed at the companyâs annual general meeting last week, where it faced a first strike on its remuneration policy.
More than 49% of investors voted against the policy, with feedback said to address concerns including the decision to award a bonus above the scorecard outcome and undisclosed short-term incentive targets. Hazelton also said:
The board appreciates that the share price performance in February of this year, may have coloured shareholdersâ views of managementâs performance.
But there was good news from the ASX 200 constituent in March.
It announced the first-stage completion of the long-waited sale of AMP Capitalâs real estate and domestic infrastructure equity business to Dexus Property Group (ASX: DXS).
It came after both companies agreed on a revised transaction structure that would enable the business to change hands without AMPâs interest in China Life AMP Asset Management Company.
Dexus paid around $337 million at first completion, including $105 million for sponsor investments and $57 million for the cash held on the businessâs balance sheet.
AMP share price snapshot
The AMP share price has dumped 16% over the course of 2023 so far. Though, itâs 7% higher than it was this time last year.
Comparatively, the ASX 200 has lifted 4% year to date and has fallen 4% over the last 12 months.
The post Why did the AMP share price beat the ASX 200 in March? appeared first on The Motley Fool Australia.
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More reading
- The first AMP dividend in over 2 years is being paid today. Here’s the lowdown
- 5 things to watch on the ASX 200 on Monday
- AMP share price slips amid expected first strike on remuneration
- Here are the top 10 ASX 200 shares today
- Sunk $3,000 into AMP shares 5 years ago? Hereâs how much passive income youâve realised
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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