AMP +8.5%: The well known diversified financial stock soared today after 3Q Platforms Net Cash Inflows improved by +62% y/y, to $1.21bn. At its highest the stock was up more than 14% trading above $2 for the first time since February 2020. AMP also announced it had reached agreements with all insurers, concluding legal proceedings, removing the uncertainty and distraction – it was a solid session all-round for the laggard of recent years.
- AMP’s AUM increased to $86.9bn in the September quarter, up +11.3% YoY helped by resilient inflows and positive markets.
- Also, its total loan book grew +3.45 YoY to $23.8bn. Investors embraced the numbers believing wealth margins could rise, offsetting weakening margins and growth at the bank.
The solid inflows for AMP helped ignite heavyweight HUB24 (HUB) which surged +10.5% making it the best performer on the mainboard, it touched $115 on the open, another all-time high.
MM likes AMP around $1.90
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