Investors sold AXA Asia Pacific shares today on concerns that AMP would not be able to match NAB's bid. In morning trade, the target firm's stock stood 3 per cent down at $6.15 in an overall market that was marginally higher. AMP shares also dropped more than 3 per cent, with investors fearing it may up its bid for AXA. But AXA Asia Pacific Holdings, seeking to keep the stakes high, issued a well-timed quarterly update, reporting not only surging new business in Asia but signs of recovery of investor confidence in its home market after the global financial crisis. "In Australia and New Zealand, we saw continued strong growth in financial protection although customer confidence is yet to fully return in wealth management," said chief executive Andre Penn. AXA Asia Pacific also offers insurance products.