The AMP Ltd (ASX: AMP) share price has been on fire this week. Shares in the Aussie wealth manager are up 6.1% since last Friday's close and sitting at $1.12 per share.
It's a bit of positive news in an otherwise bleak run for shareholders. AMP shares have slumped 27.9% in 2021 and have significantly underperformed the S&P/ASX 200 Index (ASX: XJO) in recent times.
So, what's driving the latest gains for the Aussie wealth manager?
Why the AMP share price is up 6% this week
AMP reported its half-year results on 12 August – just over 2 weeks ago today. A 57% surge in net profit after tax to $181 million was a key highlight of the recent update.
The wealth manager's assets under management (AUM) grew 8% to $121 billion during the year despite net cash outflows of $4 billion.
AMP's Board of Directors did not pay an interim dividend. The wealth manager remains focused on capital management and turnaround efforts under new CEO Alexis George.
The AMP share price jumped 3.7% following the result before retracing those gains in recent weeks. However, this week has been a good one for shareholders with the wealth management share once again climbing higher.
Context is definitely important in looking at the latest moves. For one thing, the AMP share price closed at $1.12 per share on Thursday – just above its $1.04 per share 52-week low.
Interestingly, there has been no further updates since the release of the results two weeks ago but a broadly positive earnings season and recent market gains have helped boost momentum. There have also been recent results releases from IOOF Holdings Limited (ASX: IFL) and Platinum Asset Management Ltd (ASX: PTM) which have helped put AMP's results in context versus industry peers.
Foolish takeaway
Despite the AMP share price climbing 6% higher this week, the wealth manager's market capitalisation has still slid 25% in the last 12 months.
