AMP's Shares Plummet by over 14% on weak FY24 outlook - Kalkine Media

November 16, 2023 01:03 PM AEDT | By Team Kalkine Media
Follow us on Google News:

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%.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK