AMP, Kogan.com shares rise amid legal settlement and sales growth

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AMP, Kogan.com shares rise amid legal settlement and sales growth
Credit: © Reuters.

Despite a slight dip in the S&P/ASX 200 Index , Australian companies AMP (OTC: AMLTF ) Ltd and Kogan.com Ltd witnessed their share prices soar today after significant developments. AMP Ltd's shares jumped by 6% to $0.90 following a class action settlement regarding its Buyer of Last Resort (BOLR) policy changes dating back to 2019, with the settlement amounting to $100 million. Meanwhile, Kogan.com Ltd experienced a 3% increase in stock value to $4.75 after an annual general meeting update highlighted the first monthly year-on-year gross sales growth since January 2022.

In addition to these movements, Lovisa Holdings Ltd's shares also climbed by 2% to $18.64 on the back of Morgan Stanley (NYSE: MS ) reaffirming an overweight rating and setting an ambitious price target of $25.25 for the jewelry retailer. Concurrently, Webjet Limited saw its shares uplift by 3% to $6.86, bolstered by Macquarie's upgraded price target to $8.37 accompanied by an outperform rating.

The positive outcomes for these companies come at a time when the broader market, as indicated by the S&P/ASX 200 Index, fell by 0.4%, closing at 7,046 points today. AMP Ltd's resolution of its long-standing legal issue has been well-received by investors, reflecting a boost in confidence for the financial services firm. Kogan.com's revelation of sales growth signals a potential reversal in its business performance, which could mark the beginning of sustained improvement for the online retailer.

These individual company successes highlight the varied performance within sectors and demonstrate how specific corporate events can significantly influence investor sentiment and stock prices.

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