Tag: Motley Fool

The S&P/ASX 200 Index (ASX: XJO) is having a better day on Tuesday. In afternoon trade, the benchmark index is up 0.2% to 7,719.9 points.

Four ASX shares that are rising more than most today are listed below. Here’s why they are climbing:

Alumina Ltd (ASX: AWC)

The Alumina share price is up 8% to $1.27. This morning, Alumina entered into a scheme implementation deed with Alcoa Corporation. This is in relation to the recently announced proposal for Alcoa to acquire 100% of Alumina by way of a scheme of arrangement for 0.02854 Alcoa shares for each Alumina share held.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up almost 4% to $4.15. This follows news that the lithium miner has signed a new offtake agreement with Sichuan Yahua Industrial Group (Yahua) for the supply of spodumene concentrate from the Pilgangoora Operation. Yahua is a leading lithium chemicals company and one of the largest lithium hydroxide producers globally. It supplies to companies such as Tesla, LG Energy Solutions, LG Chem, and CATL.

QANTM Intellectual Property Ltd (ASX: QIP)

The QANTM share price is up 15% to $1.60. Investors have been buying the intellectual property services company’s shares after it received another takeover offer. A non-binding indicative offer has been tabled from Adamantem Capital to acquire QANTM for $1.817 per share by way of a scheme of arrangement. This is higher than an offer received last month from Rouse International.

Ramelius Resources Ltd (ASX: RMS)

The Ramelius share price is up 4% to $1.56. This follows the release of the gold miner’s 10-year plan for the Mt Magnet mine. Management estimates average annual production of 150,000 ounces with an all-in sustaining cost (AISC) of $1,600 to $1,800 per ounce. Though, for the first 3.5 years it expects a lower AISC of $1,250 to $1,450 per ounce.

The post Why Alumina, Pilbara Minerals, QANTM, and Ramelius shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• Pilbara Minerals share price jumps on deal with Tesla supplier
• Why are short sellers shifting into ASX blue chips and out of lithium losers?
• These are the 10 most shorted ASX shares
• Why these 3 ASX 200 shares grabbed the Motley Fool’s headlines this record-breaking week
• Here are the top 10 ASX 200 shares today

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 positions in and has recommended Tesla. 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 Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) bank shares have been outperforming the index in the last few months. Is it a good time to buy or not?

In the last six months, the Commonwealth Bank of Australia (ASX: CBA) share price has risen by 17%, the Westpac Banking Corp (ASX: WBC) share price is up 27%, the ANZ Group Holdings Ltd (ASX: ANZ) share price is up 17% and the National Australia Bank Ltd (ASX: NAB) share price has climbed by 18%. The ASX 200 is up by just 7% in the last six months, as a comparison.

Are ASX 200 bank shares good value?

In a note to clients, UBS analyst John Storey and associate analyst Olivia Clemson said “very optimistic assumptions are required to justify the recent run-up in bank share prices”.

UBS suggested the rally is due to the market expecting a soft-landing scenario for the economy, and the possibility of “lessening competitive pressures” in deposits and lending.

The share strategy team at UBS is underweight on banks, which means the broker thinks the sector is unattractive at the moment and is “cautious.”

Having said that, after looking at the recent half-year results and FY24 first-quarter trading updates – different banks have different reporting schedules – UBS decided to increase its adjusted earnings per share (EPS) estimates by 1%, 3% and 2% on average for the financial years between FY24 to FY26.

UBS also said it had increased its price targets by around 14%, on average.

What could happen with earnings?

The broker points out that market consensus expects Australian bank profits to fall 8% in FY24 and 3% in FY25.

The UBS analysts said:

Australian Banks are defensive, while capital return is an underpin to the investment case, but subsequent returns at these PE multiples have proven to be below market (longer term).

Storey acknowledged revenue has been boosted by stronger-than-expected non-net interest income. The analyst said positive earnings per share (EPS) surprises over time could occur if there’s stronger-than-expected volume growth.

New price targets for ASX 200 bank shares

A price target tells us where the broker is guessing the share price will be in 12 months. These are the UBS price targets for the banking industry:

• ANZ’s price target is $30
• Macquarie Group Ltd‘s (ASX: MQG) price target is $185
• CBA’s price target is $105
• Westpac’s price target is $23
• Bank of Queensland Ltd‘s (ASX: BOQ) price target is $5
• NAB’s price target is $28
• Bendigo and Adelaide Bank Ltd‘s (ASX: BEN) price target is $8

ANZ’s price target is the only one implying a possible rise, with many of the targets suggesting double-digit declines. If those targets become a reality, it may mean it could be wise to wait.

The post Should you wait for a dip to buy ASX 200 bank shares? appeared first on The Motley Fool Australia.

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More reading

• If I’d put $5,000 in Westpac shares at the start of 2024, here’s what I’d have now
• Here’s the NAB dividend forecast through to 2026
• Why are short sellers shifting into ASX blue chips and out of lithium losers?
• ASX dividend royalty: Australia’s top stocks for reliable income
• Here’s how the ASX 200 market sectors stacked up this week

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Bendigo And Adelaide Bank and Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Woodside Energy Group Ltd (ASX: WDS) shares are down 0.9% during the Tuesday lunch hour.

Shares in the S&P/ASX 200 Index (ASX: XJO) energy stock closed yesterday trading for $29.44. At the time of writing, shares are changing hands for $29.18 apiece.

For some context, the ASX 200 is up 0.1% at this same time.

Woodside could be facing some additional headwinds with lower expectations for global growth, particularly in China, potentially dampening shorter-term energy demand.

Brent crude oil is currently trading for US$82.38 per barrel, down from US$82.50 last night, according to data from Bloomberg.

Here’s how the oil and gas company is addressing shareholders’ concerns over climate change and how it will respond to the global energy transition.

Woodside shares can adapt to new energy demands

Commenting on the company’s Climate Transition Action Plan (CTAP) that’s intended to steer Woodside shares profitably through the energy transition, CEO Meg O’Neill said

“I firmly believe Woodside is built to thrive through the energy transition and our Climate Transition Action Plan shows how we plan to achieve this.”

O’Neill continued:

Our climate strategy is integrated throughout our corporate strategy as we provide the energy our customers need today and into a lower carbon future, create and return value to shareholders, and conduct our business sustainably.

Woodside’s CTAP was released last month, on 27 February. It outlines the company’s potential pathway to net zero Scope 1 and 2 net equity emissions by 2050.

It also introduced a new Scope 3 target to take final investment decisions for five million tonnes of CO2 equivalent abatement capacity per year. New Scope 3 abatement target will track the impact of new energy products on customers.

That come atop Woodside’s existing target to invest $5 billion in new energy products and lower carbon services by 2030.

O’Neill said the CTAP highlights, “Woodside’s confidence in a sustained role for natural gas through the energy transition, while providing additional information on our plans and progress to reduce net equity Scope 1 and 2 emissions and to invest in new energy products and lower carbon services for the transition.”

The company said that while there is no single or certain pathway through the energy transition, “Diversification and adaptation will be central to the competitiveness of successful energy businesses.”

Woodside shares are down 7% year to date despite an uptick in crude oil prices.

If you’re looking to invest in energy shares or any other ASX stock, remember to do your research first. Or seek out professional advice.

The post How Woodside shares can ‘thrive through the energy transition’ appeared first on The Motley Fool Australia.

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More reading

• Why Adairs, BHP, Deep Yellow, and Woodside shares are dropping today
• 5 things to watch on the ASX 200 on Monday
• ASX dividend royalty: Australia’s top stocks for reliable income
• 3 ASX dividend shares with yields above 5% (but are they safe?)
• 2 of the best ASX dividend stocks to buy in March

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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Westpac Banking Corp (ASX: WBC) shares are rising on Tuesday.

At the time of writing, the banking giant’s shares are up 2% to $27.38.

This leaves the company’s shares trading close to a 52-week high of $27.70.

Why are Westpac shares rising?

Investors have been fighting to get hold of Westpac and other bank shares this year following a rather successful reporting season and signs that competitive pressures are easing.

In case you missed Westpac’s quarterly update, it reported an unaudited net profit of $1.5 billion for the three months. This was down 6% from the second-half average of FY 2023.

However, one-offs weighed heavily on its profits. If you exclude these, Westpac’s unaudited net profit would have come in flat against the second-half average at $1.8 billion. This was better than expected thanks largely to lower than forecast costs.

This update went down well with analysts at Goldman Sachs, which feel that there are signs that net interest margin (NIM) pressures could be easing. They said:

Coupled with disclosures in BEN’s 1H24 result, there are signs that industry-wide NIM pressures are starting to ease. Beyond this, WBC’s performance on costs was better than we had anticipated, and bodes well for when WBC finalises details of its technology simplification initiative (expected before 1H24 result), which was first announced at its FY23 result, and which management believes can be funded within its A$2 bn p.a. of investment spend.

What if I had invested $5,000 at the start of the year?

Investors that tipped $5,000 into Westpac shares at the start of the year would be smiling widely today.

The banking giant’s shares closed 2023 at $22.90. This means you would have been able to snap up 218 units for an investment of $4,992.20.

Based on today’s share price of $27.38, those shares are now worth $5,968.84. That’s a 19.5% or $976.64 return on your original investment. And it’s only 12 March!

The post If I’d put $5,000 in Westpac shares at the start of 2024, here’s what I’d have now appeared first on The Motley Fool Australia.

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More reading

• Here’s how the ASX 200 market sectors stacked up this week
• A 10% dividend yield from Westpac shares? Here’s how these income investors achieved it!
• Why are the big 4 ASX 200 bank shares leaping to new 52-week highs today
• How investing $100 per week can create $2,000 in annual ASX dividend income
• Is the blistering rally in ASX 200 bank shares overdone?

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. 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 Scott Phillips.

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The BHP Group Ltd (ASX: BHP) share price is taking a beating today.

Shares in the S&P/ASX 200 Index (ASX: XJO) mining giant closed down 2.6% yesterday at $42.82. In late morning trade on Tuesday, shares are swapping hands for $42.43, down 0.9%.

For some context, the ASX 200 is up 0.4% at this same time.

Here’s what’s going on.

What’s pressuring the BHP share price?

Most of the headwinds battering the BHP share price today stem from a big overnight fall in the iron ore price.

Iron ore counts as BHP’s top revenue earner. And the price of the critical steel-making metal tumbled 6.8% overnight to trade for US$107.35 per tonne. That’s down from US$145 per tonne in early January, and well below many analyst forecasts that predicted iron ore would hold above US$120 per tonne for the first half of 2024.

That looks to be because China’s floundering economy has thus far failed to reignite. And the Chinese government’s stimulus efforts to date have been on the decidedly timid side of the spectrum.

China is Australia’s top import market for iron ore and many basic commodities. And its often booming real estate sector consumes mind-boggling quantities of steel. But the property markets in China have been weak, with iron ore stockpiles building.

And the outlook remains cloudy, which sees both iron ore and the BHP share price taking a big hit this week.

Commenting on the headwinds facing the industry, Daniel Hynes, a senior commodity strategist at ANZ Group Holdings Ltd (ASX: ANZ) said (quoted by The Australian Financial Review), “China’s latest National People’s Congress meeting didn’t ease prospects for the property market and a weak start to the construction season is boding ill for steel demand.”

Tom Price, senior commodities analyst at Liberum added:

It’s hard to build a bullish case for iron ore over any time horizon at the moment. There’s probably a speculative element at work today, with investors looking at what it will take for China to hit its growth targets for the year and deciding that it’s just not going to happen.

With doubts about China’s 2024 growth prospects simmering, the BHP share price could be entering bargain territory if the Chinese economy regains traction.

The post Why is the BHP share price getting hammered on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• Buy BHP and these ASX dividend shares
• 5 things to watch on the ASX 200 on Tuesday
• Why are short sellers shifting into ASX blue chips and out of lithium losers?
• Why Adairs, BHP, Deep Yellow, and Woodside shares are dropping today
• Why these 3 ASX 200 shares grabbed the Motley Fool’s headlines this record-breaking week

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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Telstra Group Ltd (ASX: TLS) stock has been a disappointing performer in recent months.

After peaking at a 52-week high of $4.46 in June, the telco giant’s shares have been on a downward spiral.

This has left them trading at $3.79 today, which is just a fraction away from their 52-week low of $3.75.

While this is disappointing, has it created a buying opportunity for investors? Let’s find out.

Is Telstra stock a buy?

The market may not be feeling overly bullish on the company, but the same cannot be said for Australia’s leading brokers.

A large portion of the broker community has the equivalent of a buy rating on the telco leader’s shares with price targets offering double-digit returns.

In addition, they are expecting above-average dividend yields from its shares over the coming years.

For example, last month Macquarie put an outperform rating and $4.40 price target on its shares. This implies potential upside of 16% for investors.

And with Macquarie forecasting fully franked dividends of 18 cents per share in FY 2024 and 19 cents per share in FY 2025, investors can expect to receive a yield of approximately 5% over the next 12 months.

Who else is bullish?

A broker that is even more bullish is Morgan Stanley. It has an overweight rating and $4.75 price target on Telstra stock.

This suggests upside of 25% for investors from current levels. And if you include forecast dividends, you’re looking at a total return of approximately 30% between now and this time next year.

To put that in context, a $20,000 investment would generate a return of $6,000 for investors if Morgan Stanley is on the money with its recommendation.

Overall, this could make Telstra worth considering if you’re looking for some new portfolio additions this month.

The post Is Telstra stock a buy right now? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX dividend shares to buy with ~5% yields for an income boost
• Long-term investing: 3 top ASX stocks you can buy for under $20 a share
• Top ASX passive income shares to buy in March 2024
• 3 key numbers for the Telstra share price that I think are being overlooked
• The Telstra share price is near a 52-week low: Should you buy?

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 positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group and Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The IGO Ltd (ASX: IGO) share price is marching higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock closed yesterday trading for $7.56. In morning trade on Tuesday, shares are swapping hands for $7.73 apiece, up 2.3%.

For some context, the ASX 200 is up 0.2% at this same time.

Here’s what’s happening.

IGO share price rises on ex-dividend day

Investors never like seeing one of their stock holdings retrace.

And the good news for shareholders in this ASX 200 resource producer is that despite IGO trading ex-dividend today, the IGO share price is in the green.

When a stock trades without the rights to the dividend, it’s common to see the share price fall to reflect this. But after IGO closed down 3.3% yesterday, investors are shaking off the fact they won’t be entitled to the greatly reduced interim dividend, buying the stock at what could be a bargain entry point today.

IGO reported its half-year results (H1 FY 2024) on 22 February.

And those results confirmed that the miner had clearly been under pressure from falling lithium and commodity prices.

Those falling prices saw IGO’s half-year revenue decrease by 19% year on year to $438 million.

And with net profit after tax (NPAT) down 53% to $288 million, management slashed the fully franked interim dividend by 21% to 11 cents per share.

Commenting on the company’s dividend payment and outlook on the day the results were announced, IGO CEO Ivan Vella said, “While we have faced some challenges in recent months, our business remains in a great position.”

Vella added:

The declaration of an 11 cent per share interim dividend today, in line with our capital management framework, reflects our strong underlying free cash flow and robust balance sheet position.

Adding the interim dividend back into today’s IGO share price, it would see the ASX 200 stock up 3.7%.

If you held shares at market close yesterday, you can expect to see the IGO dividend payout land in your bank account in two weeks, on 27 March.

The post IGO share price marching higher despite trading ex-dividend today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Tuesday
• 13 ASX 200 shares with ex-dividend dates next week
• Why the 2024 outlook for these rebounding ASX 200 lithium shares looks ‘better than market expectations’
• Here’s the latest lithium price forecast through to 2027
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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Dimerix Ltd (ASX: DXB) shares are taking off on Tuesday.

In morning trade, the ASX healthcare stock is up 20% to a 52-week high of 36 cents.

Why is this ASX healthcare stock jumping?

The catalyst for this rise has been the successful completion of an institutional placement.

According to the release, Dimerix has received firm commitments to raise $20 million from a significant number of new and existing institutional and sophisticated investors.

Demand was so strong for the placement that the ASX healthcare stock was able to raise the funds at 30 cents per new share. This means that no discount was necessary for the institutional placement.

It also represents a premium of 29.2% to its 30-day volume weighted average price (VWAP) of 23.2 cents and a premium of 14.5% to the five-day VWAP of 26.2 cents.

Why was demand so strong?

The ASX healthcare stock’s placement was in demand because it coincided with news from the ACTION3 Phase 3 trial.

The trial of DMX-200 in patients with focal segmental glomerulosclerosis (FSGS) was successful in the pre-specified interim analysis of the proteinuria (efficacy) endpoint from its first 72 randomised patients.

Management also highlights that analysis indicated that, using a statistical measure, DMX-200 is performing better than placebo in terms of reducing proteinuria (a surrogate marker of kidney disease progression) in patients with FSGS.

The company’s CEO, Dr Nina Webster, commented:

We are delighted to welcome our new Institutional and sophisticated investors, and we appreciate the strong support from existing shareholders. This Placement was highly strategic as it provides sufficient funds to take Dimerix through the 2nd interim analysis and, including eligible R&D rebates, the completion of the ACTION3 Phase 3 clinical trial.

If the next interim analysis is compelling, the Company could seek to apply for accelerated marketing approval in certain jurisdictions. By completing this Placement, Dimerix has not only accessed funding from high quality institutional investors to deliver on its Phase 3 program, but also significantly strengthened its balance sheet and this puts us in a strong negotiating position with potential partners, particularly on the back of our successful interim analysis just announced.

The post Guess which ASX healthcare stock is rocketing 20% today appeared first on The Motley Fool Australia.

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More reading

• IGO share price marching higher despite trading ex-dividend today
• Here’s the NAB dividend forecast through to 2026
• Metcash shares push higher on trading update
• Better buy: Coles or Woolworths stock?
• Pilbara Minerals share price jumps on deal with Tesla supplier

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 Scott Phillips.

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In good news for shareholders, analysts are expecting the National Australia Bank Ltd (ASX: NAB) dividend to rise over the next few years.

The ASX 200 bank stocks are popular with investors primarily because of the passive income they deliver.

So, let’s check out what the analysts reckon NAB shares will pay in 2024, 2025, and 2026.

NAB dividend in 2024

The NAB interim dividend is due to be announced in May with the bank’s FY24 half-yearly results.

Currently, the consensus forecast among analysts on CommSec is for NAB shares to pay a total annual dividend of $1.68 this year.

That’s only a tad up on last year’s dividend of $1.67.

Based on the NAB share price of $34.17 at the time of writing, $1.67 equates to a yield of 4.89%.

That’s above the average dividend yield for S&P/ASX 200 Index (ASX: XJO) stocks of 4%.

However, NAB dividends are also fully franked, so when we add the franking in we get a gross yield of 6.98%.

That’s a lot better than the interest rate on any savings account you might have at NAB!

What about future NAB dividends?

Next year, the consensus forecast is for the bank to pay a total annual dividend of $1.69.

That doesn’t move the yield up much from 2024.

If you buy NAB shares at today’s price, you’re looking at a yield of 4.94% in 2025 (or almost 7.1% gross).

In 2026, the experts expect a dividend of $1.71, which equals a yield of 5% (or 7.14% gross).

The post Here’s the NAB dividend forecast through to 2026 appeared first on The Motley Fool Australia.

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More reading

• Here’s how the ASX 200 market sectors stacked up this week
• Why are the big 4 ASX 200 bank shares leaping to new 52-week highs today
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Motley Fool contributor Bronwyn Allen 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 Scott Phillips.

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Metcash Ltd (ASX: MTS) shares are pushing higher on Tuesday.

In morning trade, the wholesale distributor’s shares are up 1.5% to $3.87.

Why is the Metcash share price rising?

Investors have been buying the company’s shares today after responding positively to the release of a trading update at its investor day event.

According to the release, total group sales for the ten months to 25 February increased 0.9% compared to the prior corresponding period.

This was driven by growth in Liquor (+1.6%) and Hardware (+2.4%), with Food (including tobacco) sales flat on the prior corresponding period. Though, it is worth noting that if you exclude tobacco, food sales were up a solid 5% for the 10 months.

In light of this, management has been pleased with the performances of both the Food and Liquor pillars, which have been underpinned by improved competitiveness and differentiated value proposition.

And while Hardware demand has remained subdued, the business continued to perform better than the market. The highlight was its Total Tools business, which reported a 16.9% increase in sales.

Pleasingly, management believes this side of the business remains ideally placed with leading market positions to capitalise on an improvement in consumer confidence and activity levels.

What about earnings?

There was no update on Metcash’s earnings. However, management highlighted its continued strong focus on costs, interest, and working capital.

It also spoke positively about its outlook, noting that it remains well positioned for future growth and strong returns through the cycle with a resilient and diversified business portfolio.

Are Metcash shares a buy?

The team at UBS is feeling positive and has a buy rating on Metcash shares.

However, with a price target of $4.00, the upside is limited from here. Though, it’s possible that the broker could adjust its valuation once it has digested today’s update.

The post Metcash shares push higher on trading update 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 recommended Metcash. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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