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The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price underperformed in June despite the bank’s silence.

As of the final close of last month, the ANZ share price was $22.03, 12.02% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) slipped 8.9% last month while the S&P/ASX 200 Financials Index (ASX: XFJ) plunged 11.8%.

Let’s take a closer look at what might have weighed on the ASX 200 banking giant last month.

What weighed on the ANZ share price last month?

The ANZ share price underperformed the broader market last month. Though, it did better than many of its ASX 200 banking peers.

The share prices of its fellow ‘big four’ banks Commonwealth Bank of Australia (ASX: CBA) and National Bank of Australia Ltd (ASX: NAB) slipped 13.4% and 12.4% respectively. Meanwhile, that of Westpac Banking Corp (ASX: WBC) fell 18.3%.

Their suffering came amid rising interest rates and high inflation in June.

The Reserve Bank of Australia (RBA) hiked interest rates for a second consecutive month in early June. It lifted the nation’s benchmark cash rate by 0.5% to sit at 0.85%.

Of course, rising rates allow banks to reprice their loans and potentially increase their bottom line.

However, it also increases the risk that mortgage holders might default on their loans. Rising rates could also cause housing prices to fall, thereby lessening the value of a bank’s loan book.

Sadly, the ANZ share price was well and truly in the red before June took its toll. The bank’s share price has slipped 21.4% since the start of the year. For context, the ASX 200 is down around 12.7% year to date.

The post Why did the ANZ share price underperform the ASX 200 in June? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Regis Resources jump, big four banks fall ahead of RBA meeting
• How did the Vanguard Australian Shares Index ETF perform in June?
• Why ASX 200 value shares are surviving the sell-off better than growth shares
• June was a terrible month for ASX 200 bank shares. Here’s why
• Why this fundie favours NAB and Westpac shares out of the big four

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 recommended Westpac Banking Corporation. 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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The National Australia Bank Ltd (ASX: NAB) share price fell off a cliff throughout the month of June.

Despite the bank not releasing any announcements, investors offloaded its shares to an 11-month low of $25.43 on 17 June.

For context, NAB shares started the month from 31 May’s market close at $31.26 and ended at $27.39 on 30 June. This represents a decline of around 12% which can be considered sizeable for a blue-chip share in a short time frame.

While NAB shares have since recovered some lost ground, they are still trading 0.88% lower today to $27.49.

What dragged down NAB shares in June?

The NAB share price finished lower than it started last month, dragged down by weakened investor sentiment.

An aggressive rate hike by the Reserve Bank of Australia (RBA) to cool inflation levels spooked the market.

The RBA ramped up the official cash rate by 0.50% to 0.85% on 7 June. This led to NAB shares tumbling 3.25% on the day of the news.

However, the blood-letting didn’t stop there with the bank recording a loss over the next five business days.

In total, NAB shares declined 16.4% from 7 June until 15 June.

And the bank wasn’t the only ASX 200 financial share to suffer.

For context, the Commonwealth Bank of Australia (ASX: CBA) share price dropped 14.21% over the same period while Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) reversed 19.02% and 13.7%, respectively.

Notably, the RBA is meeting today to decide whether it will lift interest rates from the current level.

Most economists are tipping another 0.5% rate hike to 1.35% which will likely have a negative impact on the ASX.

NAB share price summary

Despite heading south last month, the NAB share price is up by 5% over the past 12 months.

The bank’s shares reached a 52-week high of $33.75 in April, before being heavily sold off in the following months.

NAB commands a market capitalisation of roughly $87.8 billion, making it the second-largest bank on the ASX.

The post Why did the NAB share price backtrack 12% in June? appeared first on The Motley Fool Australia.

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More reading

• Why ASX 200 value shares are surviving the sell-off better than growth shares
• The NAB dividend is being paid today. Here’s what you need to know
• June was a terrible month for ASX 200 bank shares. Here’s why
• Why this fundie favours NAB and Westpac shares out of the big four
• 2 excellent ASX dividend shares that analysts rate as buys in July

Motley Fool contributor Aaron Teboneras 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 recommended Westpac Banking Corporation. 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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June was a rough month for the Webjet Limited (ASX: WEB) share price. The online travel agency’s stock slumped 10.55% last month for no obvious reason.

After finishing May at $5.97, the Webjet share price was trading at$5.35 as of the final close of June.

For context, the S&P/ASX 200 Index (ASX: XJO) slumped 8.9% last month while many of Webjet’s ASX 200 travel peers also suffered.

So, what dragged on many ASX travel giants last month? Let’s take a look.

Why did the Webjet share price plunge 11% in June?

The Webjet share price struggled last month. Though, it ultimately outperformed many other ASX 200 travel shares.

The share price of Qantas Airways Limited (ASX: QAN), for instance, tumbled nearly 19% in June. Meanwhile, that of Flight Centre Travel Group Ltd (ASX: FLT) slumped 15%.

However, unlike the above-mentioned stocks, Webjet was silent last month.

In fact, the last time the market heard from the company was back in May when it announced it returned to profit in the second half.

So, what weighed on Webjet’s share price might be the same happening that seemingly dragged on the broader market last month. And that was inflation and interest rates.

The Reserve Bank of Australia hiked interest rates by 0.5% in June, sending the cash rate to 0.85% in a bid to tackle inflation.

That likely had many Australians’ pockets feeling lighter and potentially impacted sentiment for travel stocks.

On top of that, Webjet remained one of ASX’s most shorted shares throughout June.

The company had a short position of 7.85% as of 28 June. That basically means 7.85% of its register is betting against its recovery.

Despite the Webjet share price’s poor June performance, the stock has been outperforming the ASX 200 lately. It has slipped just 1.2% this year while the index is recording a 12.5% year-to-date tumble.

The post Why did the Webjet share price fall 11% in June? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• How did ASX travel shares perform in June?
• ASX 200 travel shares leap as Australia scraps COVID-19 vaccine mandates for international arrivals
• Here’s why I think the Webjet share price could fly higher in 2022
• Here are the top 10 ASX shares today

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 recommended Flight Centre Travel Group Limited and Webjet Ltd. 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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The Allkem Ltd (ASX: AKE) share price had a horror June, but could the company’s fortunes turn around?

The lithium miner’s share price fell from $13.71 at market close on 31 May to $10.31 on 30 June. That’s almost a 25% drop.

In today’s trade, the Allkem share price is 1.48% in the red, currently trading at $9.97.

So could July be a better month for the Allkem share price?

Could the Allkem share price go higher?

Allkem is a lithium company with projects including Mt Cattlin in Western Australia and Olaroz in Argentina. Other projects include Naraha in Japan, Sal de Vida in Argentina, and James Bay in Quebec.

Like multiple ASX lithium shares, the Allkem share price tumbled in the month of June. For context, its peer Core Lithium Ltd (ASX: CXO) lost 31% in June while Lake Resources NL (ASX: LKE) fell 49%.

However, analysts, including Macquarie, are positive on the Allkem share price. Macquarie has placed an outperform rating on the company’s share price with a $17 price target. This is 68% more than the company’s current share price.

The analyst sees high lithium prices benefiting the company’s shares, however, the broker highlights energy costs could impact long-term profit.

Meanwhile, the team at Morgans has also recently placed a $16.38 price target on Allkem shares with an add rating. This represents a 62% upside.

Morgans analysts are positive on the company’s geographical mix and diverse products. Morgans sees these factors as a way for Allkem to “capture value as the market evolves”.

Allkem has a goal of raising lithium production to three times its current levels by 2026. The company also wants to sustain a 10% share of the global lithium market in the next decade.

Quest Long portfolio manager Richard Dixon recently explained why his fund holds Allkem shares. He said:

We have held Allkem for many years and also hold IGO and Mineral Resources.

Allkem is the only lithium pure play of the trio, but it is a diversified producer with major expansion plans that can be easily funded from existing cash flow.

Share price snapshot

Allkem shares have surged nearly 44% in a year but have fallen nearly 5% year to date.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has shed nearly 10% in a year and 7% year to date.

The company has a market capitalisation of about $6.3 billion based on its current share price.

The post Down 25% in a month, what is the outlook for the Allkem share price in July? appeared first on The Motley Fool Australia.

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More reading

• Why have ASX lithium shares had such a lousy month in June?
• 3 excellent ASX growth shares that analysts are excited about
• After the sell-off, experts think these 2 lithium ASX stocks are great buys
• Analysts say these ASX growth shares have huge upside potential
• Here are the top 10 ASX shares today

Motley Fool contributor Monica O’Shea 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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The Magellan Financial Group Ltd (ASX: MFG) share price fell hard in FY22. In fact, it dropped more than 70% making it one of the worst performers in the S&P/ASX 200 Index (ASX: XJO).

Before FY22, Magellan was a high-flying fund manager achieving outperformance and attracting significant funds under management (FUM).

But, FY22 was a year where things went south for the Magellan share price.

As a fund manager, achieving investment returns is obviously a key objective. Performance is often compared to an index. But, if the fund manager doesn’t outperform the index, then why pay higher fees?

Underperformance

When the COVID-19 crash happened, Magellan’s portfolio was already positioned to deliver reliability with defensive investments.

At 31 March 2020, the Magellan Global Fund Open Class (ASX: MGOC) – one of Magellan’s largest investments over $10 billion in size – showed a net return of a 1.2% decline over the prior three months. That was an outperformance of 8.1% compared to the global share market index.

However, since then it has underperformed significantly as the global share market recovered strongly then shot even higher than during pre-COVID times.

Alas for Magellan, its Global Fund is a useful indicator of the overall performance of the Magellan global investment strategy.

By November 2021, the Magellan Global Fund had underperformed the global share market by 14.6% over the prior year.

FUM sinks

While some investors may be willing to put up with underperformance in the short-term, it seems that investors in Magellan funds started to lose patience at the end of 2021.

In December 2021, it announced the loss of the St James Place mandate. At the time, it represented 12% of the fund manager’s annual revenue.

At 30 November 2021, Magellan had $116.4 billion of FUM.

Since then, it has been losing billions of FUM, representing losses of more than just St James Place. At 23 February 2022, it had $77.2 billion of FUM. By 31 May 2022, Magellan’s FUM had dropped to $65 billion.

FUM is important for a fund manager because there are two main ways to generate revenue – management fees and performance fees. The performance fees are variable. But management fees can generate attractive and consistent revenue and net profit after tax (NPAT) for Magellan.

The loss of over 40% of its FUM is also expected to lead to a large drop in ongoing profit.

Profit estimates on CMC Markets show an earnings per share (EPS) projection of $2.26 in FY22 and then $1.45 in FY23. That would be a decline in profit of 36%.

Talisman steps back

In February 2022, it was announced that Magellan co-founder Hamish Douglass was going to take medical leave. At the time, he was Magellan’s chair and chief investment officer.

Co-founder Chris Mackay took over portfolio management of its global equity investment funds.

However, it was recently announced that Douglass would return to work later this year as a consultant.

Time will tell whether his return can help Magellan’s performance turn around.

Magellan share price snapshot

Over the past month, the Magellan Financial Group share price has dropped almost 20%.

The company has a current market capitalisation of $2.2 billion.

The post Wipeout: Why did the Magellan share price sink 70% in FY22? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Regis Resources jump, big four banks fall ahead of RBA meeting
• Why ASX 200 value shares are surviving the sell-off better than growth shares
• Why did the Qantas share price outperform the ASX 200 in FY22?
• 5 things to watch on the ASX 200 on Tuesday
• The Telstra share price outperformed the ASX 200 in June

Motley Fool contributor Tristan Harrison has positions in Magellan Financial Group. 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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The share prices of Global Lithium Resources Ltd (ASX: GL1) and Lake Resources N.L. (ASX: LKE) are zipping higher today.

The Global Lithium Resources share price is up 4.31% to $1.21.

The Lake Resources share price is up 3.4% to 76 cents.

There is no news out of either company today. However, the energy sector is the best performing sector in early afternoon trading on Tuesday, up 3.08% at the time of writing.

For comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.37% so far today.

What’s the latest news on these ASX lithium stocks?

On 28 June, Global Lithium Resources announced positive assay results at the Manna Lithium Project.

According to Global Lithium’s statement, the assays showed “significant intervals of lithium mineralisation intersected from early reverse circulation (RC) drilling”.

“The program validates previous drilling [across the same pegamite] and resource information, further extending the orebody at depth which remains open,” Global Lithium said.

The first diamond core drilling program since the company acquired Manna in December 2021 is about to commence.

The drilling will specifically target the pegmatites at depths below the RC program.

The Global Lithium Resource share price is up 7% year to date.

Global Lithium has also just released an international investor roadshow presentation.

Meantime, Lake Resources provided a market update on 23 June.

The ASX lithium explorer is now establishing a North American presence to serve its off-take customers and continue its work with US-based technology partner Lilac Solutions.

The company also wants to engage with US capital markets.

The recently appointed executive chairman Stu Crow is in the US to progress this strategy.

In its update, Lake Resources said Crow will occupy the position for six months to oversee the appointment of a new CEO, board members, and the establishment of US offices.

Managing Director Steve Promnitz resigned on 17 June without giving a reason.

On 20 June, Lake Resources issued a statement thanking Promnitz for his “pioneering efforts in project generation to establish Lake’s presence in Argentina”.

Crow said Lake Resources has one of the largest lithium lease holdings in Argentina spanning more than 2,200 square kilometres. The majority of the leases are 100% owned.

Lake Resources said it was already interviewing candidates for the CEO and managing director positions.

The Lake Resources share price is down around 25% year to date.

The post These 2 ASX lithium stocks are charging up on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Why Audio Pixels, Lake Resources, Link, and Magellan shares are dropping
• Up 138% in a year and 1800% in five years. Why did the Lake Resources share price soar in FY22?
• 5 worst ASX All Ordinaries shares in June
• 5 best ASX All Ordinaries shares in June
• The Lake Resources share price plummeted 49% in June. Here’s why

Motley Fool contributor Bronwyn Allen 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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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. The benchmark index is currently up 0.35% to 6,635.9 points.

Here’s what is happening on the ASX 200 today:

Regis Resources’ record quarter

The Regis Resources Limited (ASX: RRL) share price is jumping today following the release of a production update. That update revealed that Regis had a record quarter for production. Regis Resources reported a 20% quarter on quarter increase in total gold production to 123.9k ounces. This took the company’s annual gold production to 437k ounces. This is up 17% year on year and in line with its guidance of 420k ounces to 475k ounces.

Bank shares fall ahead of Reserve Bank meeting

The big four banks are all trading lower on Tuesday ahead of the Reserve Bank of Australia’s cash rate meeting. The central bank is widely expected to make a further 50 basis points increase to 1.35% this afternoon. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is the worst performer in the group with a 1.1% decline.

Tech shares outperform

The tech sector is on form again on Tuesday with the likes of WiseTech Global Ltd (ASX: WTC) and Xero Limited (ASX: XRO) storming higher. This has led to the S&P ASX All Technology index outperforming the ASX 200 index with a sizeable 1.3% gain. This appears to have been driven by news that Nasdaq futures have rebounded and are now pointing to a positive session tonight.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Regis Resources share price with a 10% gain. This follows the gold miner’s record quarter. Going the other way, the worst performer has been the Imugene Limited (ASX: IMU) share price with a 3.5% decline on no news.

The post ASX 200 midday update: Regis Resources jump, big four banks fall ahead of RBA meeting appeared first on The Motley Fool Australia.

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More reading

• How did the Vanguard Australian Shares Index ETF perform in June?
• Why ASX 200 value shares are surviving the sell-off better than growth shares
• Regis Resources share price jumps 9% on record quarter
• Why did the Qantas share price outperform the ASX 200 in FY22?
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. 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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The Firefinch Ltd (ASX: FFX) share price continues to be suspended under official quotation since 29 June. This comes despite the company announcing an update regarding the recent sale of its shares.

At the time of writing, the gold miner and lithium developer’s shares are frozen at 20 cents apiece.

Firefinch receives cash injection

It seems Firefinch is facing investor concerns over an impending share dilution.

In a statement today, Firefinch advised it has sold 28.6 million shares in lithium peer Leo Lithium Ltd (ASX: LLL).

The transaction took place after market close yesterday at a sale price of 45.5 cents per Leo Lithium share.

Following the sale, Firefinch is expecting to receive net proceeds of around $12.9 million.

Management previously noted that the financing measures will help its current working capital position.

Firefinch holds a remaining 210.9 million shares in Leo Lithium which are subject to escrow until 23 June 2024.

This means that the company is not permitted to deal with or sell the escrowed shares, except in limited circumstances. The latter could be exempted in the event of a takeover or scheme of arrangement.

Furthermore, the escrowed shares represent about 17.61% of Leo Lithium’s issued capital.

At 30 June 2022, Firefinch had approximately $35.8 million in cash and US$3.6 million in shipped gold bullion with funds receivable mid-July. This excludes the current shareholding in Leo Lithium and the sale that was executed yesterday.

About the Firefinch share price

A period of unfavourable trading conditions has led the Firefinch share price to sink almost 50% in the past 12 months.

Notably, its shares are down more than 76% year to date.

The company’s shares touched a 52-week low of 19 cents on 24 June before going into a trading halt.

Firefinch presides a market capitalisation of around $236 million with approximately 1.18 billion shares on hand.

The post What’s happening with Firefinch shares following a $13 million lithium sale? appeared first on The Motley Fool Australia.

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More reading

• What’s going on with the Firefinch share price?
• Leo Lithium share price fails to roar and sinks 26% following demerger
• Leo Lithium shares hit the ASX this week. Here’s what you need to know
• Why BrainChip, Firefinch, Magellan, and Westpac shares are dropping

Motley Fool contributor Aaron Teboneras 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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The IGO Ltd (ASX: IGO) share price has plunged in the past month, but could it be in for better days?

IGO shares fell 21% in the month of June. In today’s trade, the company’s share price is rising 0.6% to the current share price of $10.02. For comparison, the S&P/ASX 200 Index (ASX: XJO) is jumping 0.24% today.

Let’s take a look at the outlook for the IGO share price.

Could the IGO share price go higher?

IGO is exploring for battery metals for a clean energy future including nickel, copper and cobalt. The company also has 49% interest in a global joint venture (JV) with the Tianqi Lithium Corporation. The JV has a 51% stake in the Greenbushes lithium mine. In the March quarter, IGO reported a $60.5 million share of net profit from the lithium joint venture.

Multiple brokers have recently recommended IGO shares, with a huge upside on the company’s price target.

Macquarie analysts have kept an outperform rating on the company’s shares with a $17 price target. This is nearly 70% more than the IGO share price at the time of writing. The broker is optimistic on IGO due to its “world class lithium business”.

Macquarie can see this lithium focus propping up the company’s earnings in future years. As my Foolish colleague James reported, Macquarie also noted IGO shares trade at a discount to its ASX lithium peers.

Meanwhile, UBS analysts have recently maintained a buy rating on the IGO share price. The broker has lifted its price target on the company’s shares to $12.25. This is 22% more than the current share price. UBS lifted earnings estimates on IGO due to better than expected lithium prices.

JP Morgan also retained an overweight rating on the IGO share price following the company’s earnings. Analysts said, “we continue to like the stock from an investment point of view”.

In the March quarter, IGO reported an underlying EBITDA of $232.6 million, up 89% from the previous quarter.

In late June, IGO entered a binding transaction with Venus Metals Corporation that would allow IGO to acquire up to 70% interest in the Bridgetown Greenbushes exploration project. This would involve spending $6 million on exploration at the project.

IGO share price snapshot

The IGO share price has soared 25% in the last 12 months, but it has shed nearly 13% in the year to date.

In comparison, the benchmark ASX 200 has lost nearly 9% over the past year.

IGO has a market capitalisation of nearly $7.6 billion based on today’s share price.

The post Down 21% last month, is now the time to buy IGO shares? appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea 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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S&P/ASX 200 Index (ASX: XJO) financial services and banking share AMP Ltd (ASX: AMP) is in the red today. Though, looking beyond the ASX, the company is experiencing new highs.

AMP is moving its core banking platform to the cloud to better support its retail banking business.

At the time of writing, the AMP share price is 98.2 cents. That marks a 0.81% fall on its previous closing price.

For context, the ASX 200 is trading higher today, having gained 0.19% right now. Meanwhile, the S&P/ASX 200 Financials Index (ASX: XFJ) is also in the red as the market awaits the outcome of the Reserve Bank of Australia’s July meeting.

So, what does AMP Bank’s new home in the cloud mean for its business? Read on to find out.

AMP Bank moves to the cloud

Owners of AMP shares may be thrilled to learn the company’s core banking platform now lives on the cloud.

AMP expects the move will create new levels of flexibility and scalability for its banking business, allowing it to meet the needs of its customers, mortgage brokers, and financial advisers.

It’s also expected to shorten customer response times, including loan application approvals.

AMP Bank group executive Sean O’Malley commented on the change, saying:

The transition of our core banking platform to the cloud provides us with a platform to grow our business and meet the increasing expectations customers have around digital sophistication in their interactions with their bank.

The cloud also enables greater flexibility in the way AMP Bank interacts with the banking ecosystem, providing more opportunities for product and service innovation

AMP Bank’s move to the cloud is just the latest in its multi-year transformation strategy. It follows the modernisation of the bank’s core system in 2020, which brought about a 35% improvement in productivity.

The now cloud-based platform is hosted on Amazon Web Services (AWS) and houses robust security.

AMP share price snapshot

While the AMP share price is in the red today, it has outperformed so far this year.

The company’s stock has slipped just 2.5% in 2022 while the ASX 200 is currently recording a 12.6% year-to-date tumble.

However, the AMP share price has slumped 12% since this time last year. That means it’s underperformed the index by around 3% in that time.

The post ASX bank shares look out, AMP has new tech under the hood appeared first on The Motley Fool Australia.

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More reading

• Down 10% in a month, here’s the latest for the AMP share price
• Will Australia plunge into a recession?
• Guess how much insiders have been spending on AMP shares?
• Here are the 3 most traded ASX 200 shares on Monday
• Down 5% in a month, is the AMP share price a buying opportunity?

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. 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 positions in and has recommended Amazon. The Motley Fool Australia has recommended Amazon. 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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