38 stories mentioning ASX:AMPUpdated 18d ago
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AMP (ASX:AMP) said S&P Global Ratings upgraded its issuer credit rating on AMP "BBB+" from "BBB" and affirmed the outlook at stable, according to a Wednesday Australian bourse filing.The issuer credit rating on AMP Bank was affirmed at "BBB+" and the outlook was changed to negative from stable.Its shares fell 1% in recent trading on Wednesday.
An investigation called Operation Claw uncovered potential mortgage fraud involving inflated incomes, misrepresented employment and fabricated or unverifiable business activity used to support loan applications, the Australian Transaction Reports and Analysis Center (AUSTRAC) said in a Wednesday statement.AUSTRAC's Fintel Alliance conducted a joint analysis of data from 10 major Australian banks, identifying potentially hundreds of millions of dollars in suspected fraudulent loans, mostly linked to properties in Sydney in New South Wales.The activity was not limited to one lender or borrower group, and recurring warning signs across the participating banks included falsified or misleading documents as well as the repeated use of mortgage brokers, accountants, and law firms across multiple loan applications.AUSTRAC worked with participating banks to identify controls that lenders can use to prevent, detect, and disrupt mortgage fraud. The lenders used the information generated through the investigation to identify potentially fraudulent loans, investigate suspicious activity, strengthen controls, and make further referrals to the authorities. Some banking relationships have been ended, and further action is expected."The same warning signs were found across banks that together cover the vast majority of Australia's mortgage market," AUSTRAC CEO Brendan Thomas said. "Every lender should be looking closely at these findings and asking whether the same vulnerabilities exist in their own business," he added.The Australian Banking Association did not immediately respond to a request for comments from.
AMP (ASX:AMP) has an average rating of overweight and mean price target of AU$2.43, according to analysts polled by FactSet.
AMP's (ASX:AMP) China Life joint venture has become "too big to ignore," as it was the primary driver of gains in the financial services company's first-half results, Jefferies said in a note on Thursday.Contributions from AMP's China partnerships more than doubled during the period to AU$56 million, with growth looking increasingly structural and sustainable, supported by operating leverage and a 41% payout ratio.Jefferies raised its 2026 and 2027 EPS forecasts by 9% and 10%, respectively, citing strength across Platforms, Super & Investments and Partnership assets.The brokerage maintained its buy rating and raised price target to AU$2.55 from AU$2.07.
Australian shares closed at another record high on Thursday amid optimism around diplomacy in the Middle East leading to a reopening of the Strait of Hormuz.The S&P/ASX 200 Index gained 0.47%, or 43.80 points, to close at 9,271.60, reaching an all-time high.Overnight on Wall Street, the S&P 500 and the Nasdaq Composite fell 0.2% and 0.8%, respectively, while the Dow Jones Industrial Average gained 0.5%. US Federal Reserve governor Lisa Cook signalled that she would vote to raise interest rates if inflation did not abate.Gold bullion rose nearly 1% to around $4,280 per ounce and spot gold reached $4,277.41 per ounce.On the domestic front, Australia's goods balance recorded a seasonally adjusted surplus of AU$1.93 billion in June, up from a deficit of AU$2.37 billion in May, according to data published by the Australian Bureau of Statistics.The total number of dwelling units approved in Australia recorded a 7.2% month-on-month increase to 18,328 in June in seasonally adjusted terms after falling 1.6% in May, according to a report by the Australian Bureau of Statistics.In company news, REA Group (ASX:REA) logged AU$4.935 in core earnings per share for fiscal 2026, compared with AU$4.274 a year ago. For the 12 months ended June, revenue was AU$1.73 billion versus AU$1.54 billion previously.Beach Energy (ASX:BPT) logged AU$0.1556 in underlying EPS for fiscal 2026, compared with AU$0.1976 a year ago. For the 12 months ended June 30, sales revenue was AU$1.8 billion versus about AU$2 billion previously.Lastly, AMP (ASX:AMP) logged AU$0.069 in underlying EPS for the first half, compared with AU$0.052 a year ago. For the six months ended June 30, revenue from ordinary activities was AU$1.43 billion versus AU$1.38 billion previously.
Here are the ASX-listed companies with the biggest gains on Thursday.Brazilian Rare Earths (ASX:BRE): +7%, AU$4.26Ora Banda Mining (ASX:OBM): +7%, AU$1.34Mineral 260 (ASX:MI6): +6%, AU$0.70Vault Minerals (ASX:VAU): +6%, AU$5.64Genesis Minerals (ASX:GMD): +6%, AU$6.84Regis Resources (ASX:RRL): +6%, AU$7.11Evolution Mining (ASX:EVN): +6%, AU$13.27AMP (ASX:AMP): +6%, AU$2.31REA Group (ASX:REA): +6%, AU$176.02DPM Metals (ASX:DPM): +5%, AU$57.96
(Updates with the stock movement in the headline and last paragraph.)AMP (ASX:AMP) logged AU$0.069 in underlying EPS for the first half, compared with AU$0.052 a year ago, a Thursday filing showed.Analysts polled by FactSet expected earnings of AU$0.07.For the six months ended June 30, revenue from ordinary activities was AU$1.43 billion versus AU$1.38 billion previously, the Australia-listed financial services company added.The board declared an interim dividend of AU$0.03 per share, up from AU$0.02 a year earlier, payable Sept. 25 to shareholders on record as of Aug. 21.The company's shares advanced 5% in recent Thursday trade and earlier hit their highest since October 2018.
Australian shares are poised to fall on Thursday as renewed concerns over US inflation and the prospect of higher interest rates weighed on investor sentiment after Federal Reserve Governor Lisa Cook signaled the central bank may need to tighten policy further if price pressures fail to ease.Overnight, the S&P 500 and the Nasdaq Composite fell 0.2% and 0.8%, respectively, while the Dow Jones Industrial Average gained 0.5%.In the macroeconomy, Australia's building approvals and international trade in goods data are due at 11:30 am Sydney time.In corporate news, Block (ASX:XYZ) reported Thursday second quarter adjusted earnings of $1.02 per share on total net revenue of $6.62 billion, compared with adjusted earnings of $0.62 on total net revenue of $6.05 billion a year earlier.AMP (ASX:AMP) reported Thursday first-half underlying earnings of AU$0.069 per share on revenue of AU$1.43 billion, compared with underlying earnings of AU$0.052 on revenue of AU$1.38 billion a year earlier.Australia's benchmark index rose 0.9%, or 82 points, to close at 9,227.80 on Wednesday.
AMP (ASX:AMP) plans to launch a second on-market share buyback of up to AU$150 million after completing its initial AU$150 million repurchase program in the first half, according to a Thursday filing with the Australian bourse.The proposed program will start on Aug. 20 and run until April 30, 2027, the filing said.
AMP (ASX:AMP) logged AU$0.069 in underlying EPS for the first half, compared with AU$0.052 a year ago, a Thursday filing showed.Analysts polled by FactSet expected earnings of AU$0.07.For the six months ended June 30, revenue from ordinary activities was AU$1.43 billion versus AU$1.38 billion previously, the Australia-listed financial services company added.The board declared an interim dividend of AU$0.03 per share, up from AU$0.02 a year earlier, payable Sept. 25 to shareholders on record as of Aug. 21.
New Zealand's Financial Markets Authority (FMA) warned banks to take notice of a review conducted by the Australian Securities and Investments Commission (ASIC), which found that banks failed to properly manage mortgage offset accounts in the two years through August 2025, according to a Friday report by Radio New Zealand (RNZ).The New Zealand regulator is urging banks with offset mortgage products to examine ASIC's findings and assess whether their own safeguards are strong enough to protect customers from similar harm, said Michael Hewes, director of deposit taking, insurance, advice, and credit at FMA, according to the report.During the two years through August 2025, banks paid more than AU$55 million in customer compensation for offset account failures, and further compensation is expected as the extent of the problem becomes clearer, the ASIC said Wednesday.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
AMP's (ASX:AMP) AMP Bank launched Equity Flex, an investment property loan offering a term of up to 40 years with an interest-only structure for up to 10 years without reassessment, according to a Thursday statement.The new offering comes amid ongoing cost of living pressures, and as investors reassess their management of cash flow following the recent changes to negative gearing and capital gains tax, the bank said.Under the federal budget's proposed changes, existing property market investors retain their current tax arrangements while future buyers of established properties will face tighter rules from July 2027. This will make cash flow management and repayment flexibility increasingly important factors in investment decisions, AMP said.The company's shares fell 1% in recent Thursday trade.
Australian banks are taking measures to ensure the proper functioning of mortgage offset accounts, including investments in new technology platforms, Australian Banking Association CEO Simon Birmingham said on Wednesday.Birmingham's comments to the media followed an Australian Securities and Investments Commission (ASIC) report that found major banks failed to properly manage offset accounts in the two years through August 2025.During that period, banks paid more than AU$55 million in customer compensation for offset account failures, the ASIC said after reviewing the offset practices of eight banks, including Westpac Banking (ASX:WBC, NZE:WBC), ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), AMP's (ASX:AMP) AMP Bank, Credit Union Australia, HSBC Bank Australia, and ING Bank (Australia)."This report shows that in well over 99% of cases, mortgage offset accounts are working exactly [as] they should be, but it does demonstrate there are some failures," Birmingham said."It's a very small proportion of mistakes that have happened, and what ASIC's report shows is it's often due to manual system processes in isolated cases, or communications failures in some cases," Birmingham added.
Major Australian banks failed to properly manage mortgage offset accounts in the two years through August 2025, resulting in customers unknowingly paying more interest than was due, the Australian Securities and Investments Commission (ASIC) said Wednesday following a review of the sector's offset practices.During that period, banks paid more than AU$55 million in customer compensation for offset account failures, and further compensation is expected as the extent of the problem becomes clearer, the regulator said.ASIC reviewed the offset practices of eight banks including Westpac Banking (ASX:WBC, NZE:WBC), ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), AMP's (ASX:AMP) AMP Bank, Credit Union Australia, HSBC Bank Australia, and ING Bank (Australia).It found deficiencies in how all banks set up, monitored, and managed offset accounts, which are marketed as a simple way to save on mortgage interest over the life of a home loan. Banks struggled to readily identify customer offset account requests and were slow to fix issues, while their detection of failures was inconsistent."Some banks are not getting the basics right," ASIC Chair Sarah Court said, noting that some offset failures went undetected until the ASIC started investigating them.The Australian Banking Association did not immediately respond to a request for comment from.
AMP (ASX:AMP) has an average rating of overweight and mean price target of AU$1.99, according to analysts polled by FactSet.
AMP's (ASX:AMP) balance of the business looks to be performing better than consensus expectations, Jefferies said in a Thursday note.AMP reported that first half underlying net profit after tax is likely to fall between AU$170 million and AU$180 million, with a consensus forecast of AU$142 million, due to factors which include a stronger contribution from the China partnerships as well as improved investment income.It will recognize AU$18 million of pre-tax carried interest in the period within Other Partnerships, relating to DigitalBridge's sale of a 51% stake in the remaining assets of a legacy AMP Capital infrastructure fund. Further upside remains possible if the remaining 49% interest is sold and the necessary criteria are met.Mortgage securitizations so far in 2026 are signaling a more capital-light model.The investment firm retained a buy rating to AMP and raised the price target to AU$2.07 from AU$1.75.AMP's shares were up nearly 4% in recent Friday trade.
AMP's (ASX:AMP) guidance for first-half 2026 underlying net profit after tax (NPAT) of AU$170 million to AU$180 million came in substantially ahead of expectations as growth in the company's Chinese partnerships materialized, Jarden said in a late Thursday note."Whilst we had flagged the prospect of higher returns from these partnerships and capital return from carried interest, the magnitude and speed of upgrades was a positive surprise," the investment firm said.The mid-point of the company's guidance implies a greater than 22% beat against both Jarden's and consensus expectations, with China earnings forecast to comprise up to around 33% of group earnings.The equity research firm raised its estimate for AMP's first-half underlying NPAT to AU$173 million from AU$143 million, noting that upside to hit the top end of guidance will probably come via the company's platforms or superannuation and investments business.Momentum from China partnerships could continue in the second half of the year, Jarden said as it increased its earnings forecast for that period to AU$54 million from from AU$39 million.The investment firm maintained a neutral rating on AMP while raising the target price to AU$2 from AU$1.80.AMP shares gained over 3% in recent Friday trade.
Here are the ASX-listed companies with the biggest gains on Friday.Coles Group (ASX:COL): +3%, AU$23.31Xero (ASX:XRO): +3%, AU$71.17Woodside Energy Group (ASX:WDS): +3%, AU$30.27AMP (ASX:AMP): +3%, AU$1.95Amcor (ASX:AMC): +3%, AU$63.72Generation Development Group (ASX:GDG): +3%, AU$3.57Regis Healthcare (ASX:REG): +3%, AU$6.15GQG Partners (ASX:GQG): +3%, AU$1.41News Corp (ASX:NWS): +2%, AU$46.69Guzman y Gomez (ASX:GYG): +2%, AU$21.74
Here are the five most actively traded big-cap stocks on the Australian Securities Exchange on Friday.EQ Resources (ASX:EQR): 23 million sharesArafura Rare Earths (ASX:ARU): 11.3 million sharesMirvac Group (ASX:MGR): 11.3 million sharesLiontown (ASX:LTR): 9.8 million sharesAMP (ASX:AMP): 9.6 million shares
Australian shares were flat on Thursday after major indices on Wall Street posted gains, but the materials sector fell as BHP posted lower fiscal year 2027 copper production guidance.The S&P/ASX 200 Index was little changed to close at 8,840.40.Brent crude oil futures continued to trade around $85 per barrel as the US conducted further strikes inside Iran. The Wall Street Journal reported US President Donald Trump is considering expanding US military operations in Iran.On the domestic front, Australia's consumer inflation expectations fell by 0.8 percentage points in July to 4.7%, according to the Melbourne Institute Survey of Consumer Inflationary Expectations.Australian household spending rose 0.3% in June, with end-of-financial-year sales less impactful than in 2025, as inflation and higher-for-longer interest rates weighed on consumers, according to the Commonwealth Bank of Australia. Gains were recorded across 10 of the 12 spending categories, led by utilities and education.In company news, BHP Group (ASX:BHP) reported fiscal year 2026 copper production of 1.95 million tonnes, down 3% from fiscal 2025 but within its guidance range of 1.9 million tonnes to 2 million tonnes. For fiscal year 2027, BHP Group is targeting copper output of 1.65 million to 1.8 million tonnes and iron ore production of 260 million to 272 million tonnes. Its shares fell past 2% on market close.AMP (ASX:AMP) expects the first-half 2026 underlying net profit after tax of AU$170 million to AU$180 million, with the increase driven by stronger contributions from its China partnerships, favorable investment income impacts due to recent interest rate hikes, and the recognition of about AU$13 million of carried interest in relation to the partial sale of certain assets within a legacy fund.Perpetual (ASX:PPT) said it has received a revised non-binding, conditional proposal from EQT-controlled Windflower to acquire all of its shares via a scheme of arrangement for AU$22.07 per share, up 2% from the previous AU$21.64 offer.
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