The AMP Limited (ASX: AMP) share price hit another 52-week low of $2.15 this morning and is now down close to 60% over just the past year. Hardly, the returns you'd expect from a supposedly steady blue-chip share, but AMP has been hit harder by the Royal Commission than any other business on the S&P/ ASX 200 (ASX: XJO).
Investors are probably hitting the sell button today out of fear that the commission's final recommendations will include more bad news for AMP and its under siege financial advice business.
On January 25 AMP told investors to expect a 2018 profit attributable to shareholders of just $30 million and final dividend of 4 cents per share. That compares to a final dividend of 14.5 cents per share for the same period last year.
The problem is that the latest half-year result is to include $200 million in remediation costs as a result of the Royal Commission's findings and other areas identified as requiring remediation.
It's also possible that the worst is not over given the Royal Commission's final findings will be revealed this afternoon.
