AFIC Sale Pressures AMP Shares To New All-Time Low

By Glenn Dyer | More Articles by Glenn Dyer

Shares in wealth manager AMP fell to new lows yesterday for the embattled wealth manager.

The shares fell to a new all-time low of $1.595 earlier today, surpassing the previous record low of $1.605 struck in late August and again in early September.

They ended at $1.60, down 4.2% on the day and a nasty 15.4% the recent high of $1.90 hit just three weeks ago.

The $1.60 price is the same as the issue price in the recent share purchase plan that was part of the financing operation launched in early August.

The latest selling came on news that one of Australia’s largest investment houses, the Australian Foundation Investment Company (AFIC), has sold its stake in the company.

It also came two weeks before the third quarter update on cashflows and assets under management which could see more funds flowing out of the company despite the fundraising.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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