0034 GMT - AMP's 1H profit beat was largely driven by growth that Macquarie analysts think should be recurring. The Australian financial group expects a 1H underlying profit of between A$170 million and A$180 million, which is at least A$27 million ahead of where Macquarie's analysts thought it would be. The profit contribution from AMP's China partnerships accounts for A$25 million of the beat relative to the investment bank's forecasts. The analysts tell clients in a note that this growth appears to be recurring, but say they are waiting for more detail about what led to the outcome. Macquarie raises its target price on the stock 6.6% to 1.94 Australian dollars and maintains a neutral rating. Shares are up 1.2% at A$2.045. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

July 19, 2026 20:34 ET (00:34 GMT)

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