As we near the end of September, it's a good time to take stock and re-evaluate our ASX winners versus our ASX losers.
Right at the top of the list in the S&P/ASX 200 Index (INDEXASX: XJO) is the IOOF Holdings Ltd (ASX: IFL) share price which has climbed more than 20% higher this September.
So, why has the IOOF share price been on the rise and will it continue through to the end of the year?
Why the IOOF share price has climbed higher in September
It's been a busy month for the Aussie wealth manager, with IOOF completing the sale of Ord Minnett, providing an update on its APRA court case and the Australian Executors Trustees (AET) judgement.
The IOOF share price climbed higher as it announced the Federal Court found that it did not contravene the Superannuation Industry (Supervision) Act 1993 (Cth) and did not make disqualification orders against five individuals.
The sale of IOOF's 70% stake in Ord Minnett to a consortium of private investors for $115 million provided a welcome boost to shareholders in 2019.
On 27 September, IOOF announced that a judgement had been made relating to AET (SA) Limited, to which it had $16.5 million of exposure.
According to the ASX release, IOOF is considering all available legal options and expects to appeal the judgement, with the wealth manager having completed the sale of the AET corporate trust business on 2 November 2018.
Will the IOOF share price continue climbing?
While September has been a good month for IOOF shareholders, the IOOF share price is currently trading at $6.42 per share, which is well short of its $8.05 per share valuation 12 months ago.
The turnaround in September has been positive, and the outlook does look a little bit clearer following its August 2019 results, but I still won't be a buyer of IOOF shares nor AMP Ltd (ASX: AMP) in 2019.
