The S&P/ASX 200 Index (ASX: XJO) has managed to pull itself out of the red on Thursday afternoon. A big contributor to today’s turnaround has been the gains in ASX 200 bank shares.

Interestingly, the positive sentiment towards banks comes amid new capital requirements instated by The Australian Prudential Regulation Authority (APRA).

Today, ASX-listed banking behemoths such as the Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) have managed to shake off any worries of what these new requirements could mean. At present, these two bank shares are trading 2.07% and 1.06% higher respectively.

Let’s dig into the details of what APRA’s latest buffer requirements actually are.

APRA putting the prudent in prudential

In Australia, we are fortunate enough to have a relatively stable economy. While COVID-19 chucked a spanner in the works, prudent banking policy helped negate a collapse in our financial system.

The regulatory body responsible for keeping the banks and other financial institutions in check is APRA, which was established in 1998. Essentially, the independent authority works to protect depositors, policyholders, and superannuation fund members. In doing this, confidence in the local financial system is perpetuated — allowing the gears to keep on turning.

Today, APRA informed the public that it has begun working on new prudential standards. Importantly, these standards are hoped to strengthen the preparedness of ASX 200 banks in the event of a financial crisis. The new standards are known as CPS 190 and CPS 900.

In discussing the proposed new standards, APRA deputy chair John Lonsdale said:

Although Australia has one of the strongest and most stable financial systems in the world, and failures are extremely rare, businesses in any competitive market can face financial difficulties. Should that happen, we want to be sure each entity has the capability to either recover or manage an orderly exit with the smallest possible impact on the community and the financial system.

In short, the standards will ensure APRA-regulated entities have a plan in place for a financial crisis. Secondly, it will require big banks to take pre-emptive measures so that in the event of failure, APRA can pick up the pieces with minimal damage to the financial system.

What other APRA changes are there for ASX 200 banks?

Another important change that is sure to be discussed in ASX 200 bank boardrooms this week is APRA’s finalised loss-absorbing capacity requirements. In simple terms, this is how much spare capital banks are required to have to protect depositors from any fallout.

APRA has decided to increase the minimum total capital requirement to 4.5% of risk-weighted assets. As a result, including other buffers, a typical major bank will need an 18.25% capital buffer. For context, this was previously 13% under the previous requirements.

However, financial institutions — such as ASX 200 banks — will have until 1 January 2026 to reach the new requirement.

So far, both NAB and Australia and New Zealand Banking Group Ltd (ASX: ANZ) have suggested they will be able to meet the new requirements.

The post Here’s why ASX 200 banks are making news today appeared first on The Motley Fool Australia.

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• Why this top broker thinks CBA (ASX:CBA) shares are the least attractive of all the ASX banks
• ASX 200 (ASX:XJO) midday update: ANZ hit with class action, GUD sinks
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Motley Fool contributor Mitchell Lawler owns shares of Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is yet again taking a tumble today, continuing the trend we have had for most of the week. At the time of writing, the ASX 200 is down by 0.06% at 7,231 points.

But let’s not let that get us down and instead check out the ASX 200 shares currently topping the market trading volume charts, according to investing.com.

3 most active ASX 200 shares by volume this Thursday

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium producer Pilbara Minerals is our first ASX 200 share to check out today. This company has had a sizeable 15.02 million shares bought and sold on Thursday so far.

There is no major news or announcement out from Pilbara, so we can probably look to the company’s share price to find the answer here. Pilbara shares are presently down a nasty 1.92% at $2.55 a share after falling as low as $2.50 earlier in today’s trading session. This is the likely reason behind Pilbara’s elevated trading volumes.

Telstra Corporation Ltd (ASX: TLS)

Blue-chip Telstra is our next ASX 200 share to check out. This ASX 200 telco has seen a hefty 15.29 million shares trade hands so far on the markets this Thursday. There’s nothing new out of Telstra today, so we can probably assume this volume is largely the result of the movement of the Telstra share price itself.

As it’s standing at the time of writing, Telstra is up 0.37% at $4.04 a share after a brief stint in negative territory this morning. This is probably why we’ve seen so many Telstra shares trade today thus far.

AMP Ltd (ASX: AMP)

Our final and most traded ASX 200 share today is the bank and wealth manager AMP, with a chunky 25.65 million shares bought and sold on the markets so far. There’s been nothing new out from AMP today.

However, the company’s shares have shed a depressing 3.57% so far today and are now sitting at 94 cents each. This comes after an earlier boost the company enjoyed this week when it discussed its demerger and strategy plans. This could all be involved in these elevated trading volumes we are seeing. 

The post These 3 ASX 200 shares are topping the volume charts on Thursday appeared first on The Motley Fool Australia.

More reading

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• These 3 ASX 200 shares are topping the volume charts this Wednesday
• Will its energy expansion drive the Telstra (ASX:TLS) share price to new heights?
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• Here are the 3 heaviest traded ASX 200 shares on Tuesday so far

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Webjet Ltd (ASX: WEB) share price was out of form in November.

During the month, the online travel agent’s shares lost 13.5% of their value.

Unfortunately, this has wiped out almost all the gains the Webjet share price had made in 2021.

What happened to the Webjet share price in November?

As with many travel shares, concerns about COVID-19 weighed heavily on the Webjet share price in November.

Early on in the month, a surge in cases in Europe led to countries threatening to lock down again, and in some cases actually doing so. This sparked fears that the travel recovery could be derailed just as things were starting to look positive again.

And then kicking the Webjet share price while it was down, was the emergence of the Omicron variant late on in the month. This quickly dampened any positivity from the release of a reasonably solid half year result from Webjet just a few days earlier.

While very little is known about the variant at this point, investors have been quick to exit positions in case this undoes all of the company’s hard work this year. At the same time, short sellers have been loading up, making the company’s shares one of the most shorted on the ASX.

Is this a buying opportunity?

While it is worth remembering that things could change rapidly if the COVID situation deteriorates, the team at Morgans is bullish on Webjet.

Last week the broker upgraded the company’s shares to an add rating with a $6.60 price target. Based on the current Webjet share price, this implies potential upside of 24% for investors over the next 12 months.

Morgans commented: “WEB is targeting to return to pre-COVID booking levels in the 2H23. Management continues to maintain its aspirational market share targets and wants to reduce the company’s cost base by 20% when it returns to scale. This means that WEB should be materially more profitable post COVID.”

The post Here’s what happened to the Webjet (ASX:WEB) share price in November and what could come next appeared first on The Motley Fool Australia.

More reading

• 3 ASX travel shares to buy while Omicron scares everyone
• Why is the Webjet (ASX:WEB) share price taking off 5% today?
• How did ASX 200 travel shares weather the Omicron storm today?
• Why EML Payments, Pact, Senex, and Webjet shares are dropping
• ASX 200 (ASX:XJO) midday update: Omicron hits Flight Centre, Domino’s jumps

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It’s been a good day on the ASX for the AGL Energy Limited (ASX: AGL) share price despite no news having been released by the company.

However, it’s not alone in defying a generally poor day on the market to record a gain.

At the time of writing, the AGL share price is $5.47, 4.09% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is down around 0.03% while the All Ordinaries Index (ASX: XAO) is sporting a 0.16% drop.

Let’s take a look at what’s happening with the energy provider on Thursday.

What’s going on with the AGL share price?

The AGL share price is taking off today for no apparent reason, but so is the company’s home index.

The S&P/ASX 200 Utilities Index (ASX: XUJ) is currently up 1.52%, with only one of its constituents not recording a gain.

That is Spark Infrastructure Group (ASX: SKI), which has a good reason to not be in the green. It’s currently frozen as it prepares to be taken over.

AGL is the sector’s top performer. Coming in behind it are the share prices of APA Group (ASX: APA) and Origin Energy Ltd (ASX: ORG), recording gains of 1.8% and 0.8% respectively.

The strong performance of the AGL share price comes despite recent reports the company is cutting its workforce ahead of its planned demerger and its former CEO landing it on a list of the 5 biggest corporate mistakes of 2021.

ABC News reported yesterday the company is offering staff redundancy packages as it attempts to cut 10% of its costs.

Today, the Australian Financial Review announced it deems former CEO and managing director Brett Redman’s retirement from his role at AGL the worst instance of corporate succession of 2021.

Redman stepped down from the role in April 2021, shortly after the company announced its plan to split in two.

In fact, Redman seemed to be leaving the role because of the structural separation. Thus, his departure put pressure on the company at a particularly sensitive time.

But despite today’s strong performance, the AGL share price is still in the long-term red. Right now, it is 54% lower than it was at the start of 2021.

The post Why is the AGL (ASX:AGL) share price having such a stellar day? appeared first on The Motley Fool Australia.

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• The AGL (ASX:AGL) share price has lost 8% so far this month. What’s next?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended APA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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When it comes to ASX initial public offerings (IPOs), it often seems to go in one of two ways. An IPO can pay off big on its first day. Or it can lead to bitter disappointment with a share price slump.

Fortunately for investors in Close the Loop Ltd (ASX: CLG), this company’s inaugural day of ASX trading today seems to fall into the former category.

Close the Loop shares have just IPOed on the ASX boards. And so far, it’s going well. To understate it. The company is currently trading at 31 cents a share. That’s a whopping 55% ahead of the initial IPO pricing of 20 cents a share that the company took its shares to market at. No doubt there are some champagne corks being unleashed over at the Close the Loop company offices as we speak.

Close the Loop share price rockets on IPO

Close the Loop is a company that is aiming to provide ‘end-to-end’ solutions for the designing, manufacturing and recycling of products (hence the name). It’s actually a newly merged entity. It follows the marriage of the old Close the Loop with O F Packaging.

Here’s how CEO Joe Foster described it this morning:

Today, Close the Loop becomes Australia’s most advanced vertically integrated design, manufacturing, collection and recycling company, that reduces waste to landfill and gets recycled content back into new products. 

Our award-winning packaging products and regenerative uses for plastics help companies stay ahead of evolving recycling guidelines and regulations.

So the company raised $12 million ahead of its public float from the placement of its shares at 20 cents each. That price valued the company at a market capitalisation of $65.9 million. At the company’s current post-IPO price of 31 cents a share, its market cap would be closer to $102.15 million.

The post Close The Loop (ASX:CLG) share price rockets 55% on IPO appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Sezzle Inc (ASX: SZL) share price is suffering this afternoon despite the company releasing a seemingly positive trading update.

The company’s underlying merchant sales (UMS) reached a record $2.5 billion over November and it engaged in a profitable 4-day period between Black Friday and Cyber Monday.

However, the market seemingly expected more from the company. Participants are bidding the Sezzle share price down 3.58% to trade at $3.77 at the time of writing.

Let’s take a closer look at today’s update from the buy now, pay later (BNPL) company.

Sezzle share price flops despite positive growth

The Sezzle share price is struggling despite the company reporting a stellar month for UMS growth.

Over the course of November, Sezzle’s UMS increased 83% on that of November 2020, bringing its annualised run rate to its new record high.

The growth was evident both online and in-store, particularly during the now-infamous weekend-long retail event.

Over the 4 days between the start of Black Friday and the end of Cyber Monday, Sezzle’s UMS in the United States and Canada was 53% higher than that of the same weekend of 2020.

Its instore UMS rose a massive 783% and that of its online merchants increased 46%.

Additionally, the number of active stores and customers using its platform rose by 84% and 60% respectively year-on-year last month.

Interestingly, the company experienced a surge in demand for hunting and fishing-related purchases.

Customers also increasingly used Sezzle to shop for food and drinks, vitamins and supplements, furniture, fine jewellery, and sporting and hobby equipment.

The company noted that the extra demand in the increasingly popular categories is likely a benefit of its push to diversify into broader verticals.

The company is now looking forward to the December holiday period. It is planning to give away more than 1,400 prizes during the season for its ‘Home 4 The Holidays’ campaign.

Right now, the Sezzle share price is 29% lower than it was this time last month. It has also fallen 39% since the start of 2021.

The post Sezzle (ASX:SZL) share price fizzles 5% despite upbeat growth figures appeared first on The Motley Fool Australia.

More reading

• Is the Sezzle (ASX:SZL) share price an obvious buy?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is off its intraday lows but remains on course to record another decline. At the time of writing, the benchmark index is down 0.25% to 7,218.5 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

Afterpay Ltd (ASX: APT)

The Afterpay share price is down 6% to $99.97. This follows a similarly severe decline in the Square share price overnight. As Square is hoping to acquire Afterpay in an all-scrip deal, the value of the takeover rises and falls with its share price. Though, that takeover hit a speed bump today. According to an announcement, the Afterpay shareholder vote on the takeover has been pushed back until early next year due to delays in gaining regulatory approval from the Bank of Spain. This may be a good thing given how the value of the offer has declined materially in recent weeks.

Liontown Resources Limited (ASX: LTR)

The Liontown Resources share price is down 14% to $1.65. The catalyst for this has been the completion of the lithium developer’s equity raising this morning. Liontown has raised $450 million through a placement to institutional investors at a 14% discount of $1.65 per share. The proceeds from the equity raising will be used primarily for developing the Kathleen Valley Lithium Project.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down over 3% to $9.12. This follows broad weakness in the gold sector on Thursday. This weakness has led to the S&P/ASX All Ordinaries Gold index falling a sizeable 2.6%.

Xero Limited (ASX: XRO)

The Xero share price has tumbled 6% to $139.33. This appears to have been driven by a selloff in the tech sector today. It isn’t just Xero’s shares falling on Thursday, the S&P/ASX All Technology Index is down 2.6% this afternoon. This follows a very poor night of trade on the tech-focused Nasdaq index, which saw the famous index tumble 1.8% lower.

The post Why Afterpay, Liontown, Northern Star, and Xero shares are falling appeared first on The Motley Fool Australia.

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• Why the Liontown Resources (ASX:LTR) share price is sinking 13% today
• Afterpay (ASX:APT) share price slides amid Square takeover delay
• Invested in ASX BNPL shares? These were the top 5 performers in November

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Xero. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Endeavour Group Ltd (ASX: EDV) share price is inching down today at $6.73, 0.3% lower than its previous closing price.

It’s been a rollercoaster ride for Endeavour shares since the company listed around 6 months ago. They have traded as high as $7.36 apiece and as low as $6.07 in that time.

Not only that, but Endeavour has come off a recent high and traded down at speed these past 4 weeks. In that time, shares in the company nudged past the $7.22 mark, before trading sideways and taking a nosedive to roll into December.

What’s going on with the Endeavour share price?

Endeavour was spun off from Woolworths Group Ltd (ASX: WOW) and owns prestigious drinks retail brands such as Dan Murphy’s and BWS. It also manages around 330 licensed venues around Australia.

Unlike the public, Endeavour isn’t immunised against the effects of COVID-19, given its retail and hotels exposure – two of the hardest-hit industries these past 2 years.

The effects of government-enforced lockdowns are carrying on into the back end of 2021 for Endeavour as well. For instance, in its first-quarter trading update, retail sales came in flat whereas sales in its hotels segment dropped by 10%.

Despite the challenges, e-commerce in its retail segment saw growth of 34.4% year-on-year to reflect the changes in consumer behaviour.

Investors responded positively to its trading update, pushing up the Endeavour share price. However, analysts at leading investment banks covering the company aren’t so rosy on its outlook.

The team at Credit Suisse reckons Endeavour has been on an extended run, and the company will continue seeing a higher expenditure base in years to come. The firm values Endeavour at $6.10 a share.

Morgans also thinks the Endeavour share price looks frothy at the moment. The broker has slapped a $6.95 price target on the shares which the company nudged underneath in trading today.

What about the macro-economic situation?

Aside from this, the S&P/ASX 300 Retailing Index (AXRTKD) has also been shot down from its previous high in late November, indicating weakness in the broad sector.

In fact, both have moved in almost synchronised fashion of late – the broad index has slipped 5% since its high on 19 November whereas Endeavour’s share price has lagged the index in falling 6.3% in that time.

In addition, the S&P/ASX 200 Consumer Discretionary Index (XDJ) has also come down by 5% since late November and looks remarkably similar in appearance to Endeavour and the retail index.

It appears investors are still digesting the outcomes of the Omicron COVID-19 variant while evaluating where to budget risk and return. That’s according to recent analysis from Goldman Sachs and JP Morgan.

We see this in action when checking the S&P/ASX 200 Volatility Index (VIX), which gauges market expectations of near-term volatility by looking at the options activity on ASX equity indices.

The VIX is also dubbed the ‘fear index’ because it tends to rise as investors’ fears grow, and falls when investors are feeling more greedy.

For reference, the ASX VIX is up almost 7% in the last month and is up 35% in the last 6 months.

Endeavour share price vs Consumer Discretionary vs ASX VIX – 1 month change

Source: Google Finance. Google and the Google logo are registered trademarks of Google LLC, used with permission

Endeavour shares are down more than 5% in the past week, and investors aren’t showing much interest. For instance, today’s trading volume is just 29% of its 4-week volume of 3,325,488 shares.

The post The Endeavour (ASX:EDV) share price slides 7% in 4 weeks. What’s going on? appeared first on The Motley Fool Australia.

More reading

• Is the party over for the Endeavour (ASX:EDV) share price?
• The Woolworths (ASX:WOW) share price is up 20% so far in 2021. Here’s why
• Alcohol and intelligence: 2 ASX shares on the way up

The author has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Creso Pharma Ltd (ASX: CPH) share price is climbing today after its Canadian subsidiary announced it has secured approval to produce more psychedelic substances.

At the time of writing, Creso Pharma shares are in the green, up 6.25% trading at 10.2 cents.

Creso Pharma is a cannabis and psychedelics company with operations in Switzerland, Canada, Colombia, Israel and Australia. In July, Creso Pharma completed the acquisition of Canadian-based psychedelics company Halucenex Life Sciences.

What did the company announce today?

Today, Creso Pharma had some positive news for the ASX market about Halucenex Life Sciences. Halucenex has secured an amendment to its dealer licence from Health Canada.

The company said this would enable it to produce psychedelic substances including psilocybin, ketamine, LSD, salvia divinorum, harmaline, salvinorin A, and MDMA.

Halucenex also plans to start growing its own botanical psilocybin and manufacturing psilocybin. And is looking to spearhead more research and development on botanic and synthetic psilocybin.

Halucenex will forward with a clinical trial investigating the use of psilocybin to treat post-traumatic stress disorder, pending regulatory approval.

Management commentary

Halucenex CEO Bill Fleming said:

We will now begin the steps towards synthetic psilocybin manufacture and botanical psilocybin growing immediately.

Both of these initiatives have the potential to deliver a number of commercial and research and development benefits and will shape future product development, clinical trials and potential licencing agreements.

Creso Pharma share price snapshot

The Creso Pharma share price has soared 62.70% over the past 12 months. This has outpaced the S&P/ASX 200 Index (ASX: XJO) which is up 9.8% over the same period.

However, in the 2021 year to date, the company’s shares are in the red by around 43%. Creso Pharma shares are also down from the monthly high of 15 cents on 8 November.

The company’s shares reached a 52-week high of 25.5 cents on 11 December 2020.

The post Here’s why the Creso Pharma (ASX:CPH) share price is surging 6% today appeared first on The Motley Fool Australia.

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• Why is the Creso Pharma (ASX:CPH) share price frozen today?
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• Creso Pharma (ASX:CPH) share price down 7% as chair stands aside amid ASIC probe
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It has been a subdued year for the Transurban Group (ASX: TCL) share price.

The toll road operator’s shares are currently fetching $13.81, which means they are up just 1.5% in 2021.

What now for the Transurban share price?

While the underperformance of the Transurban share price this year has been disappointing for shareholders, it could prove to be a buying opportunity for non-shareholders.

In fact, the team at Morgans believe the company’s shares are attractively priced enough to be included in the broker’s best ideas list for December.

According to the note, the broker has an add rating and $14.79 price target on the company’s shares.

Based on the current Transurban share price, this implies potential upside of 7.1% over the next 12 months.

On top of that, Morgans believes that Transurban’s dividend is poised to rebound quickly after being cut during the pandemic. The broker is forecasting a ~7% increase in FY 2022 to 39 cents per share and then a further 46% increase to 57 cents per share in FY 2023.

Based on the current Transurban share price, this implies yields of 2.8% and 4.1%, respectively.

Why does Morgans like Transurban?

Morgans likes Transurban for a number of reasons. This includes its exposure to regional population and employment growth and urbanisation, its market cap weighting, the quality of its assets, and its growth prospects.

The broker explained: “Given very high EBITDA margins, earnings are driven by traffic growth (with recovery from COVID) and toll escalation (roughly half at CPI and the remainder fixed c.4% pa).”

“We think TCL will continue to be attractive to investors given its market cap weighting (important for passive index tracking flows), the high quality of its assets, management team, balance sheet, and growth prospects. Watch for rapid recovery in DPS alongside traffic recovery and WestConnex acquisition prospects,” it concluded.

The post The Transurban (ASX:TCL) share price has gone nowhere this year. What now? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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