AMP fell -7.2% on Monday although it might surprise many to know it’s still up +18% year-to-date. Last week saw AMP beat first-half profit estimates with strong growth in its wealth, adviser and NZ divisions lifting AMP’s underlying profit by 9.2% to $131 million in the first half of the financial year, pushing shares to a new 5-year high. However, on Monday, some profit taking crept in.
- We can see AMP rotating around $1.75 for the coming weeks, offering little in terms of enticing risk/reward after a good run.
MM is neutral towards AMP around $1.70
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