AMP and 2 other ASX 200 shares to watch this week

Find out why AMP Limited (ASX: AMP) and 2 other ASX 200 shares are on my watchlist after a disappointing trading week.

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It’s fair to say it was a disappointing week for ASX 200 shares. The S&P/ASX 200 Index (ASX: XJO) fell 2.0% to close at 5,927.80 points on Friday.

That result was driven by slumps from some of the biggest ASX 200 shares on the market.

One of those was AMP Limited (ASX: AMP) which plummeted 12.8% on Friday alone.

Last week, I was watching HUB24 Ltd (ASX: HUB), Commonwealth Bank of Australia (ASX: CBA) and Orocobre Limited (ASX: ORE).

After all 3 of those shares fell, find out why I’ve got my eye on AMP and 2 other ASX 200 shares in the week ahead.

AMP and 2 more ASX 200 shares to watch this week

The reason why I’m watching the AMP share price this week is because of Friday’s sharp drop.

That was driven by the wealth management company lowering its 1H20 profit guidance thanks to market volatility and coronavirus disruptions.

AMP expects to report underlying profit for retained businesses in the order of $140 million to $150 million. The Aussie wealth manager is still set to deliver $300 million of annual run-rate cost savings.

A 12.8% share price drop is a big deal for such a large ASX 200 share. That means I’d expect to see more volatility in the next week or so.

AMP aside, I’m also watching the Super Retail Group Ltd (ASX: SUL) share price.

The Super Retail share price shot up 9.5% on Friday after also providing updated earnings guidance. This time, however, it was good news for shareholders.

Super Retail saw positive sales growth from its Supercheap Auto, Rebel and BCF stores. Outdoor clothing retailer Macpac saw total sales drop 5.0%, with total sales growth for the group of 4.2%.

Investors piled into the ASX 200 retail share which is now up 150.9% since the bottom of the March bear market.

However, the Aussie retailer’s shares are still down 11.4% for the year and could have more upside.

Finally, I’m watching St Barbara Ltd (ASX: SBM) this week. The Aussie gold share fell 2.9% on Friday as investors became more bullish on an economic recovery.

However, even if we see a strong earnings season, I think market volatility is here to stay.

That means the perceived safety of ASX 200 gold shares like St Barbara could be attractive to investors. St Barbara shares are trading at a price to earnings (P/E) ratio of 19.6 and could be a good value buy for gold exposure.

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Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Hub24 Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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