Intelligent Investor

AMP - on track

By · 17 Jul 1998
By ·
17 Jul 1998
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Recommendation

AMP Limited - AMP
Current price
$1.09 at 16:40 (19 April 2024)

Price at review
at (17 July 1998)
All Prices are in AUD ($)
After drifting back to below $19.00, the AMP share price has gained some lost ground during the last week and now seems to be trading in a range of $19.00 to $20.00. There is no doubt that the investment community has been rattled by the huge price gyrations on listing thanks to the Deutsche debacle.

 

AMP has a December year end so its interim results should be released sometime in August which should give the market a much better idea of the groups near term prospects. It looks as though prospectus forecasts will be met and Asian joint ventures or acquisitions are in the offing. Having said this, AMP will have to bring home the bacon just like any other stock. Any acquisitions will also have to be carefully chosen. It's unlikely that the $23-$25 range will be revisited prior to these results being released, although we remain confident that the stock will outperform the broader market over the medium term. Continue to buy on weakness, particularly below $19.00.

IMPORTANT: Intelligent Investor is published by InvestSMART Financial Services Pty Limited AFSL 226435 (Licensee). Information is general financial product advice. You should consider your own personal objectives, financial situation and needs before making any investment decision and review the Product Disclosure Statement. InvestSMART Funds Management Limited (RE) is the responsible entity of various managed investment schemes and is a related party of the Licensee. The RE may own, buy or sell the shares suggested in this article simultaneous with, or following the release of this article. Any such transaction could affect the price of the share. All indications of performance returns are historical and cannot be relied upon as an indicator for future performance.
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