Here’s why the AMP (ASX:AMP) share price is down 9% in a week

Let’s take a look at what’s been weighing on the financial services provider’s shares.

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The AMP Ltd (ASX: AMP) share price is having a tough run lately. It slipped 8.6% last week, despite silence from the company.

Though, AMP had a big week last week. In fact, the diversified financial services provider released its financial 2021 results and was in the media a number of times.

After finishing the previous week at $1.16, AMP’s shares closed Friday’s session trading for $1.06 apiece.

Let’s take a closer look at what’s driven the AMP share price over the past 7 days.

AMP’s poor week’s performance

The first piece of news that likely impacted the AMP share price last week actually hit the market the week before.

AMP released its earnings for the first half of 2021 after the ASX closed on Thursday. In reaction, the AMP share price soared 3.57% on Friday.

AMP reported its net profits had increased 57% over the 6 months ended 30 June. However, it decided against handing its shareholders an interim dividend.

The AMP share price’s fall last week could, therefore, have been a result of it realigning after the single day’s gain.

Though, it could also have been due to AMP’s newly appointed CEO Alexis George’s media rounds.

While George hadn’t been in the media much last week, on Thursday and Friday of the week before she had multiple discussions on AMP’s future with numerous outlets.

George told one outlet she plans to increase AMP’s focus on technology. She told another that AMP shareholders should strap in for a slow, ultimately upwards-facing, journey.  

Finally, on Friday night, The Australian published an article in which George stated AMP’s banking and mortgage segment houses major opportunities for the company.

Whatever the reason for AMP’s shares’ recent woes, the future looks like it might be brighter. At least, the company’s CEO thinks so.

AMP share price snapshot

It hasn’t been a good year for AMP’s stock.

It’s fallen 32% year to date. It has also dropped 25% since this time last year.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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