The shares of AMP (ASX: AMP) experienced a significant drop of up to 14.58%, sliding to AU$0.87 apiece, marking their lowest point since March 8, 2022. At the time of the latest update, the stock is down by 12.8%, potentially facing its worst day since February 16, should the current losses persist.
The financial services provider foresees ongoing pressure on the net interest margin (NIM) within its banking segment throughout the fiscal year 2024. AMP has acknowledged that the near-term performance of AMP Bank will be impacted by prevailing market conditions.
In an effort to address specific transactional needs for sole traders and small businesses, AMP has initiated the launch of a digital bank division tailored to cater to this niche.
Trading activity surged, witnessing a substantial turnover of more than 29.7 million shares, surpassing the 30-day average volume of 9.6 million shares by 3.1 times.
As of the last close, the stock has encountered a year-to-date decline of 22.8%.
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