AMP (ASX:AMP) share price climbs 6% in first upwards move in 2 weeks

Shares in the Aussie wealth manager are on the move today.

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The AMP Ltd (ASX: AMP) share price is climbing by almost 6% at the time of writing on Thursday. While that might not seem significant to most investors, the reality is it’s the first time in 9 trading days that AMP shares are rising.

Yes, the last time that shares in the Aussie wealth manager closed the day higher was back on Friday, 10 September.

Investors appear to be loading up on AMP today, so what’s going on?

Why the AMP share price is climbing today

There have been no new announcements from AMP to explain today’s surge. In fact, the last price-sensitive announcement was back on 12 August. That was when AMP released its half-year results to the market for the period ended 30 June 2021.

Some of the key takeaways from that result include:

  • Net profit after tax up 57% on the prior corresponding period (pcp) to $181 million
  • Increased Australian wealth segment assets under management (AUM) up 8% on pcp to $121 billion
  • Controllable costs (excluding AMP Capital) down 6% on pcp to $387 million
  • No interim dividend

The AMP share price has been under pressure since its results release. A broader decline in the S&P/ASX 200 Index (ASX: XJO) hasn’t helped the ASX 200 financials share price either.

However, things appear to be turning around for the time being. AMP shares are outperforming the index, which is up 1.2% in today’s session.

Interestingly, there has been some insider buying of AMP shares in recent weeks. When directors and executives snap up shares, it can send a signal that they believe the company’s prospects are strong and the current price is good.

AMP Chair Debra Hazelton and Non-Executive Directors Michael Sammells, Andrea Slattery and Kate McKenzie all bought shares in August.

While investors can’t read too much into these transactions, it is an interesting side note when looking at the current AMP share price.

Foolish takeaway

The AMP share price is rebounding strongly on Thursday. That’s despite no news from the Aussie wealth manager as investors look to buy following recent declines.

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Motley Fool contributor Ken Hall 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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