The ASX Ltd (ASX: ASX) share price is slipping in early morning trade.

At the time of writing, the ASX share price is down 2%. This comes after the Australian listings venue released its half-year results for the 2021 financial year ending 31 December.

What results did ASX report for 1H21?

In this morning’s release, ASX reported a net profit after taxes (NPAT) of $241.8 million for 1H21, down 3.4% from 1H20. That fall came despite a 1.3% increase in earnings before income and taxes (EBIT). The company pointed to lower interest rates cutting into its interest earnings for the fall in NPAT.

Operating revenue of $470.5 million was up 3.4% over the previous corresponding period. ASX said that the decline in its derivatives and OTC Markets, with lower short-term interest rate futures volumes, was offset by growth in listings and equity activities.

The 85 new listings over the half-year were up more than 50% from the previous half. The almost $52 billion in total capital raised represented a 24% increase. Most of that growth came from initial public offering (IPO) capital.

The interim dividend will fall the same amount as NPAT, a decrease of 3.4% to 112.4 cents.

Comments from the CEO

Regarding the results, Dominic Stevens, ASX Managing Director and CEO, said:

The strength of ASX’s diversified business is evident in the overall result for the first half of the 2021 financial year…Revenue growth in our cash equities-related activities – particularly Listings and Issuer Services, and Trading Services – offset the economic impact of COVID-19 and the RBA’s yield curve control program on our Derivatives and OTC Markets business…

The Derivatives and OTC business continued to be impacted by the COVID-driven yield curve control measures at the short-end of Australia’s interest rate curve. While overall futures volumes were down more than 15%, 10-year bond futures volumes were up almost 17%.

Looking at the year ahead, Stevens predicted that the impact of the pandemic was likely to linger, but said ASX is up to the challenge:

As expected, the challenges arising from COVID were felt during the half and are likely to continue for at least the short term. ASX remains well positioned to serve Australia’s financial markets and our shareholders, given our mix of businesses, product and operational expertise, and commitment to investing in the technology that supports our industry’s integrity and growth.

ASX share price snapshot

The ASX share price rebounded strongly from last autumn’s viral induced falls. However, the past 6 months have largely seen the ASX share price trend lower. Shares are down 17% since 11 August. By comparison, the S&P/ASX 200 Index (ASX: XJO) is up 12% in that same time.

Year-to-date the ASX share price is down 3.5%.

More reading

• 5 things to watch on the ASX 200 on Thursday
• How to turn $20,000 into $1 million in 10 years with ASX shares
• Douugh (ASX:DOU) share price still in limbo. Here’s why
• Which ASX 200 shares have been slapped with price downgrades this week?

Motley Fool contributor Bernd Struben 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 late morning trade the S&P/ASX 200 Index (ASX: XJO) has fought back from a poor start to trade slightly higher. The benchmark index is currently up 2 points to 6,858.9 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking lower:

AMP Ltd (ASX: AMP)

The AMP share price is down 10% to $1.39 following the release of its full year results. The financial services company reported an underlying net profit after tax of $295 million for the 12 months ended 31 December. This is down 33% on the prior corresponding period. Management advised that it reflects the impacts of COVID-19 on its clients, its business, and the broader economy and financial markets.

Ecofibre Ltd (ASX: EOF)

The Ecofibre share price is down 13% to $1.57. Investors have been selling the hemp company’s shares following the release of a very disappointing half year result. Ecofibre reported a 49% decline in revenue to $14.7 million and a sizeable $5.5 million loss after tax. The latter compares to a $7.1 million profit in the prior corresponding period.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price has fallen 4% to $49.09. This follows the release of the fund manager’s half year results this morning. For the six months ended 31 December, Magellan reported a 9% increase in its average funds under management (FUM) to $100.9 billion. However, due to a sharp decline in performance fees, the company posted a 2% decline adjusted net profit after tax to $213.1 million.

Vita Group Limited (ASX: VTG)

The Vita share price has crashed 27% lower to 82.5 cents. This follows news that Telstra Corporation Ltd (ASX: TLS) intends to transition to full ownership for all of its branded retail stores across Australia. At present, Vita operates 104 Telstra retail stores on behalf of the telco giant. This makes up the vast majority of its revenue. According to Vita, the agreement will end in June 2025.

More reading

• Why the Magellan (ASX:MFG) share price is tumbling 5% lower today
• Why the Vita (ASX:VTG) share price is crashing 31% lower today
• 4 steps to pick winning ASX shares
• Telstra (ASX:TLS) share price on watch after maintaining half year dividend
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra 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 Newcrest Mining Ltd (ASX: NCM) share price leapt 5.38% this morning and is trading at $25.56 at the time of writing.

The gains come following the release of the company’s results for the first half of the 2021 financial year.

What did Newcrest Mining report?

In this morning’s release to the ASX, Newcrest Mining revealed that historically high gold prices coupled with its own strong operating performance had delivered record free cash flow over the financial half-year of $439 million.

The company’s statutory profit was $553 million, an increase of 134% from the previous corresponding period. Underlying profit, also $553 million, was 98% higher.

Revenue of $2.17 billion was up 21%, while earnings per share (EPS) increased 121% over the first-half FY20 results.

Newcrest reported an all-in-sustaining cost margin of $842 per ounce, an increase of 48%. Its realised gold price of $1,826 per ounce was up 26% from the $1,446 per ounce realised in the 6 months ending 31 December 2019.

On the environmental front, Newcrest reported it’s on track to reduce its emissions intensity by 30% by 2030.

The company also announced a new dividend policy, targeting dividends of 30–60% of annual free cash flow. The previous policy targeted 10–30% shareholder returns. Newcrest will pay an interim dividend of 15 US cents per share (cps), fully franked. That’s 100% more than the previous year.

Addressing the results, Newcrest CEO Sandeep Biswas said:

In 2018, we set ourselves some ambitious targets to Forge a Stronger Newcrest. Our progress and achievements over the past three years has put us in a very strong position to not just weather the global uncertainty associated with COVID-19, but to keep our eyes firmly on our future growth agenda.

We have a fabulous position in our industry, with a long reserve and resource life, a unique set of technical skills, a very strong balance sheet, numerous organic growth options in progress and an exciting exploration pipeline.

Looking ahead, Newcrest maintained its guidance for copper and gold production for the 2021 financial year. It expects gold production will be in the higher end of its guidance range, noting that this remains subject to market and operating conditions. The company also flagged COVID-19 as a potential wildcard in its forecast operations.

Newcrest Mining share price snapshot

Newcrest’s share price has been trending steadily lower over the past 6 months, down 25% since 11 August. By comparison, the S&P/ASX 200 Index (ASX: XJO) is up 12% over that same time.

With this morning’s intraday moves factored in, year-to-date the Newcrest share price is down 2%.

More reading

• 4 steps to pick winning ASX shares
• 5 things to watch on the ASX 200 on Thursday
• 2 ASX 200 shares to buy for growth
• ASX 200 rises 0.5%, CBA reports, Crown deemed unsuitable for Sydney
• Nasdaq at record high! Here’s what it means for the ASX 200

Motley Fool contributor Bernd Struben 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 Magellan Financial Group Ltd (ASX: MFG) share price has come under pressure on Thursday.

In morning trade the fund manager’s shares are down 5.5% to $48.20.

Why is the Magellan share price under pressure?

Investors have been selling Magellan’s shares this morning following the release of its half year results.

For the six months ended 31 December, Magellan reported a 9% increase in its average funds under management (FUM) to $100.9 billion.

However, due to a sharp decline in performance fees, this couldn’t stop the company from reporting a 4% decline in revenue to $320.17 million. During the half, management fees increased 8% to $309.35 million but performance fees dropped 70% to $12.4 million. Service fees also fell 15% and interest and other revenue fell 190%.

On the bottom line, the company posted a 2% decline in adjusted net profit after tax down to $213.1 million.

Positively, despite the profit decline, the company’s board elected to increase its interim dividend by 5% to 97.1 cents per share.

Management commentary

Commenting on the half, Magellan’s CEO, Brett Cairns, said: “Magellan had a busy first half with the completion of a number of important initiatives including the restructure of our global equities retail funds, the launch of the Magellan Sustainable Fund and the MFG Core Series and principal investments we made in Barrenjoey Capital Partners, FinClear Holdings Limited and Guzman y Gomez (Holdings) Limited.”

“During the period, the Group saw a 9% growth in average funds under management to $100.9 billion. We are pleased with this outcome, particularly given the severe market volatility seen around the world driven by the COVID-19 pandemic and the headwind of the rising Australian dollar.”

“For the half year ended 31 December 2020, the Group reported net profit after tax of $202.3 million, which represents an increase of 3% over the previous corresponding period. We are pleased to announce the 5% increase in the interim dividend to 97.1 cents per share which reflects the increase in the underlying profitability of the funds management business before performance fees,” he concluded.

More reading

• Why Magellan, News Corp, REA Group, & Temple & Webster shares are racing higher
• 2 ASX shares to buy in February 2021
• Top brokers name 3 ASX shares to sell next week
• Got money to invest? Here are 3 ASX shares to buy
• Top fundie Hamish Douglass warns of ASX share market FOMO

Motley Fool contributor James Mickleboro 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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A strategy to buy stocks now and hold them over the long run has been relatively successful in the past. Although this does not mean it will necessarily be profitable in future, providing holdings with time to deliver on their potential could be a shrewd move.

Furthermore, the potential for a long-term economic recovery could lift the performances of many businesses in the coming years. This could lead to rising stock market valuations from which short-term investors do not fully benefit.

Buy stocks today to benefit from a potential economic recovery

An economic recovery from today’s challenges cannot be guaranteed. However, the past performance of the economy suggests that it is likely to take place in the coming years. After all, no recession or depression has ever been permanent in nature. As such, a plan to buy stocks now could be a means of benefitting from a potential improvement in operating conditions for many businesses.

Of course, some companies and sectors may respond more positively than others to an economic recovery. Therefore, it is important to reduce risk through diversifying across a wide range of companies. In doing so, it may be possible to harness a long-term recovery that also leads to improving investor sentiment and rising stock prices.

Providing time to deliver on strategy changes

The coronavirus pandemic has caused many companies to experience disruption and change within their industries. For example, retailers may need to shift additional resources online, while hospitality companies may need to service consumers at home to an increasingly large extent.

As such, a plan to buy stocks and hold them for the long run provides businesses with the opportunity to put into effect their revised strategies. They may take time to develop and implement, and even longer to make a positive impact on financial performance. While there is no guarantee that strategy change will lead to a rising share price, allowing a company the time to grow could be a prudent move.

A short-term focus may cause additional challenges

A long-term focus when buying stocks may also be beneficial because of the potential for high volatility in the stock market. Even though there has been a market rally since the 2020 market crash, an uncertain economic outlook may mean there is scope for further ups-and-downs in future.

This could negatively impact both long and short-term investors. However, investors with a long-term focus may be able to capitalise on it through buying shares when they trade at lower prices, with the aim of experiencing a recovery over the long term. Furthermore, they may be less concerned by the performance of their portfolios in the short run, in terms of experiencing paper losses, if they are focused on valuations over a long time horizon.

More reading

• Why the Newcrest Mining (ASX:NCM) share price is up 5%
• Why the Magellan (ASX:MFG) share price is tumbling 5% lower today
• Why the Transurban (ASX:TCL) share price is sliding today
• Here’s why the Sezzle (ASX:SZL) share price is surging 6% higher today
• Why the Vita (ASX:VTG) share price is crashing 31% lower today

Motley Fool contributor Peter Stephens 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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Transurban Group (ASX: TCL) shares are sliding today following the release of the company’s half-year results for FY2021 (H1 FY21). In early trade, the Transurban share price is down 1.65% to $13.14.

Let’s take a look at what’s impacting the toll road giant’s shares.

Why is the Transurban share price in negative territory?

The Transurban share price is sinking this morning after the company announced significant losses across all key metrics.

According to its release, Transurban delivered an expected weak performance as COVID-19 heavily impacted traffic levels.

For the period ending 31 December, the company reported total revenue of $1,423 million. This reflected a 21.9% decrease on the prior corresponding period (pcp) caused primarily by a drop in toll revenue and construction revenue. Government-mandated restrictions limited passenger movement on road networks with average daily traffic down 17.8% over the first half.

In addition, tunnelling works hit a roadblock with spoil disposal issues at Transurban’s West Gate Tunnel Project. After a project scheduling review, the company advised it does not expect to meet the 2023 completion target.

Earnings before interest, tax, depreciation and amortisation (EBITDA) sank to $792 million, representing a 21.5% fall on H1 FY20. While reduced traffic resulted in lower revenue, the group softened the blow with an additional $43 million received from the opening of new road assets and favourable changes in foreign exchange rates.

The group recorded a net loss of $414 million for the period compared to a $65 million profit during the pcp.

The Transurban share price is heading south after the board declared an interim dividend of 15 cents to be paid to eligible shareholders on 16 February. This will be funded through the company’s free cash in H1 FY21, which stood at $467 million on 31 December.

Management commentary

Transurban CEO Scott Charlton spoke about the significant headwinds on the company’s toll road networks. He said:

Transurban was significantly impacted as a result of COVID-19 during the first half of FY21, particularly in Melbourne and the Greater Washington Area where the virus and associated government restrictions were most severe. Pleasingly, traffic in Melbourne improved significantly through the half, with traffic in December down 19% compared to 66% in August, when restrictions were at their peak.

In markets where restrictions have lifted, for example Brisbane and Sydney, we have seen traffic largely recover to pre-COVID-19 levels, however it will remain sensitive to government responses and economic conditions.

Furthermore, Mr Charlton commented on the group’s projects which have run into technical and commercial issues. He added:

We are progressing towards tunnelling commencement, however at this stage disposal sites participating in the D&C subcontractor led tender process would not be ready to accept tunnelling spoil soon enough to enable a 2023 completion. We remain committed to working with project parties to deliver this much-needed project for the Victorian community as quickly as possible.

A review of the Transurban share price

Over the past 12 months, the Transurban share price has shed close to 20% driven by poor trading conditions. Its shares hit a multi-year low of $9.10 in March, before rebounding to around the $13 mark.

Based on the current Transurban share price, the company commands a market capitalisation of around $36.5 billion.

More reading

• ASX 200 Weekly Wrap: RBA unleashes ASX’s inner animal
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• ASX 200 Weekly Wrap: Reality (and GameStop) finally hits ASX
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• Is Transurban (ASX:TCL) set to expand, with WestConnex in its sights?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Transurban 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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The market may be dropping lower today but that hasn’t stopped the Sezzle Inc (ASX: SZL) share price from charging higher.

At the time of writing, the buy now pay later provider’s shares are up 6% to $11.14.

This latest gain means the Sezzle share price is now up 79% since the start of the year.

Why is the Sezzle share price charging higher?

Investors have been buying Sezzle shares after it announced the signing of a US$250 million receivables funding facility with Goldman Sachs Bank USA and Bastion Funding.

According to the release, these funds will be used to support the expansion of the company’s business in the United States and Canada.

Management notes that Sezzle’s new 28-month facility complements its strong balance sheet, replaces its US$100 million receivables facility, and extends its funding facility well into 2023. The latter compares with its previous facility’s maturity of May 2022.

Another positive is that the new facility also lowers its cost of funding, which will provide a positive effect on Sezzle’s net transaction margin over time.

During the first half of FY 2020, Sezzle reported a net transaction margin of 1.7% of underlying merchant sales. This facility could see it close the gap on rival Afterpay Ltd (ASX: APT), which enjoyed a net transaction margin of 2.3% in FY 2020.

Sezzle’s Chief Financial Officer, Karen Hartje, was pleased with the facility and to be working closely with Goldman Sachs and Bastion Funding.

She commented: “The committed facility from Goldman Sachs and Bastion will play a critical role in the growth and capital management strategies of Sezzle for 2021 and beyond.”

“We are happy to be working with them, as we are experiencing significant growth in the US and Canada. We have never been in a stronger liquidity position in which to achieve our growth plans while lower our funding costs,” Hartje added.

More reading

• Will LimePay IPO drive ASX BNPL shares even higher?
• The growth of this BNPL ASX share has been outpacing Afterpay (ASX:APT)
• 3 reasons to consider Sezzle (ASX:SZL) at this share price
• Here’s why the Sezzle (ASX:SZL) share price is dropping lower
• What’s in store for the ASX tech sector in 2021?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sezzle Inc. 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 Vita Group Limited (ASX: VTG) share price is crashing lower on Thursday after being dealt a huge blow.

At the time of writing, the retailer’s shares are down 31% to 77 cents.

Why is the Vita share price crashing lower?

Investors have been selling Vita shares this morning following the release of the Telstra Corporation Ltd (ASX: TLS) half year result. You can read more about that here.

In case you’re not aware, Vita operates a total of 104 Telstra retail stores on behalf of the telco giant.

However, this morning Telstra has announced plans to transition to full ownership for all of its branded retail stores across Australia.

This will be a huge blow for Vita. Although it has been trying to diversify in recent years, almost the entirety of its revenue is still generated by its Telstra stores.

For example, in FY 2020, the company’s Information & Communication Technology (ICT) segment reported $752 million of revenue. This represents a whopping 97.3% of its total revenue.

When will the contract end?

According to an announcement by Vita, it expects its current dealer agreement with Telstra to end on 30 June 2025.

This gives the company a little over four years to find a way to recoup the enormous gap in its earnings that this will cause.

Vita’s Chief Executive Officer, Maxine Horne, commented: “Vita is strategically prepared for a range of outcomes and has been investing in the very attractive category of skin health and wellness for some time, thus creating a new growth opportunity for the group.”

“We have a 26-year partnership with Telstra and are committed to working professionally with them to ensure the best possible outcome for all parties. In addition to discussions with Telstra regarding transition arrangements, the remaining period of the Telstra licence arrangement will provide cashflow as we continue to grow the Artisan brand,” she concluded.

More reading

• 4 steps to pick winning ASX shares
• Telstra (ASX:TLS) share price on watch after maintaining half year dividend
• 5 things to watch on the ASX 200 on Thursday
• ASX 200 Weekly Wrap: RBA unleashes ASX’s inner animal
• 2 high quality ASX dividend shares you can buy right now

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra 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 Althea Group Holdings Ltd (ASX: AGH) share price is charging higher on Thursday.

In morning trade the cannabis company’s shares are up 7% to 62 cents.

Why is the Althea share price charging higher?

Investors have been buying Althea shares this morning following the release of its second announcement in as many days.

On Wednesday the company revealed that it has completed its first shipment of medicinal cannabis products to Germany. That initial shipment of 2,000 units was valued at approximately $1 million.

It seems Althea has been keeping the delivery drivers busy this week and has now completed its first shipment of products to UK-based medicinal cannabis distributor Grow Pharma.

Althea has a supply agreement with Grow Pharma that allows it to distribute Althea products in the UK. This is in parallel to the company’s own sales channel.

The company also revealed that following initial success with products supplied to Grow Pharma from its UK inventory, it has expanded its agreement with Grow Pharma to include two further jurisdictions – the Isle of Man and Guernsey. Though, with a combined population of ~150,000, this isn’t a material market.

“At the forefront of this next frontier”

Althea’s CEO, Joshua Fegan, commented: “We are very pleased to have completed our initial shipment of products to Grow Pharma in the UK. Whilst the Althea brand has been in the UK for some time now and is experiencing early success, we are very proud to work with local distributors like Grow Pharma to help accelerate industry growth and ultimately service more patients.”

“Europe is fast becoming a global hub for medicinal cannabis, and is leading the world in patient access, regulatory affairs, and product sales. With operations in the UK and Germany, Althea is at the forefront of this next frontier,” he added.

Grow Pharma’s CEO, Pierre van Weperen, spoke positively about the agreement.

He said: “Grow Pharma is a leading distributor of medical cannabis in the UK and is working with the world’s best producers of cannabis-based medicines to bring their products to exciting new markets such as the UK, Isle of Man, Guernsey and Ireland.”

“The Althea manufacturing team have been consummate professionals throughout the quality and regulatory process required to import their products into the UK and we look forward to servicing patients with their high-quality and affordable medicines,” van Weperen added.

More reading

• Why the Althea (ASX:AGH) share price has zoomed up 9% today
• CBD to be sold in pharmacies, ASX cannabis shares react
• Up in smoke! Why ASX cannabis shares are having a bleary day
• What does the Biden administration mean for ASX shares? 
• The sector that’ll grow 480% this year, expert says

Motley Fool contributor James Mickleboro 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 Alliance Aviation Services Ltd (ASX: AQZ) share price has been a positive performer on Thursday morning.

In early trade the contract, charter and allied aviation company’s shares are up 2% to $4.44.

This latest gain means the Alliance Aviation share price is now up 67% since this time last year.

Why is the Alliance Aviation share price surging higher?

Investors have been buying Alliance Aviation shares this morning following the release of its half year update after the market close on Wednesday.

In contrast to the heavy loss expected from Qantas Airways Limited (ASX: QAN) this month, Alliance Aviation delivered a significant increase in profits for the six months ended 31 December.

According to the release, the company reported a 2.3% increase in total revenue to $154.8 million and a 116.8% jump in profit before tax to $33.6 million.

On an underlying basis, profit before tax came in 72.3% higher than the prior corresponding period at $26.7 million. This was in line with the company’s half year guidance.

This was driven by growth in higher margin contract and charter flights, which more than offset weaker wet lease and RPT revenues.

Also growing strongly was the company’s operating cash flow. It came in at $47.5 million, which was up 225.3% on the same period last year.

At the end of the period, Alliance Aviation had net debt of $6.8 million and a leverage ratio of 0.53.

Alliance’s Managing Director, Scott McMillan, commented: “Alliance has achieved a significant number of milestones over the course of the first half of the 2021 financial year. The robustness of our business model, the commitment of our staff and the relationships we have with our clients ensures Alliance will continue to grow the business in future years.”

Outlook

No guidance has been provided for the full year but management remains very positive on its outlook.

It commented: “Alliance retains a positive outlook for the 2021 financial year and growth in the 2022 financial year and beyond as the additional aircraft are deployed.”

More reading

• 3 ASX shares rated as strong buys by brokers
• Why Perpetual Investments gives Qantas (ASX:QAN) shares the thumbs up
• What to expect from the Qantas (ASX:QAN) first half result
• Here’s why the Qantas (ASX:QAN) share price is soaring today
• ASX 200 down 0.7%: AGL & Origin sink lower, Qantas pushes higher

Motley Fool contributor James Mickleboro 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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