shares: The torrid losses for AMP came amid a world-wide selloff on Thursday, with shares in the Asia Pacific plunging into bear market territory, wiping billions off the values of companies, after a rout in technology shares saw the largest daily decline on the Nasdaq in the United States since 2011, according to The Guardian. Australia's benchmark ASX 200 index suffered its fifth straight day of losses, closing down 164.9 points or 2.8%, ensuring all its gains from the past 12 months were erased. The once-proud insurer, which opened its doors in 1849, lost nearly a quarter of the value of its stock on Thursday plummeting 24.47% after it revealed investors had shifted 1.5bn out of its wealth management business in the September quarter alone, and announced plans to sell its life insurance arm. Concerns about rising US borrowing costs and a slackening in global growth have fueled the selloff but Nick Twidale, chief operating officer for Rakuten Securities in Australia, said the situation could get worse before it gets better. It told the stock exchange its wealth management business saw net cash outflows of 1.5bn between July and September, up from 243m in the corresponding period last year, due to weaker inflows and elevated levels of outflows in part following AMP's appearances at the royal commission . AMP executives endured a series of humiliations at the commission hearings this year, including revelations that AMP charged fees for no service and levied fees on customers who had already died. Until we see something tangible to change investor sentiment then I think we've got more downside coming for global stock markets, growth expectations and risk assets, he said FTSE 100 hits seven-month low as global stock market rout spreads - business live Read more But AMP's continuing annus horribilis took the spotlight, sparked by an admission of how damaging the banking royal commission has been for its reputation.
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