Category: Stock Market

If you’re looking for a few new additions to your portfolio in July, then look no further.

Analysts at Morgans have picked out a number of ASX shares that they class as their best ideas for the month.

The first three we looked at can be found here. Whereas below are three more that the broker rates highly:

BHP Group Ltd (ASX: BHP)

The first ASX share that Morgans thinks could be a great option for investors in July is BHP. The broker likes the Big Australian due to its diverse operations and resilient dividend profile.

We view BHP as relatively low risk given its superior diversification relative to its major global mining peers. The spread of BHP’s operations also supplies some defence against direct Covid-19 impact on earnings contributors. While there are more leveraged plays sensitive to a global recovery scenario, we see BHP as holding an attractive combination of upside sensitivity, balance sheet strength and resilient dividend profile.

Morgans has an add rating and $48.30 price target on BHP’s shares.

Macquarie Group Ltd (ASX: MQG)

Another ASX share that the broker is a fan of this month is investment bank Macquarie. Its analysts believe that the company’s exposure to long term structural growth markets are a big positive.

We continue to like MQG’s exposure to long-term structural growth areas such as infrastructure and renewables. The company also stands to benefit from recent market volatility through its trading businesses, while the company continues to gain market share in Australian mortgages.

The broker has an add rating and $215.00 price target on Macquarie’s shares.

South32 Ltd (ASX: S32)

A final ASX share that Morgans rates among its best ideas is South32. This diversified miner has caught the eye of the broker due to the hard work it has done with its portfolio transformation. Not only has this boosted the quality of its earnings, it has improved its ESG credentials.

S32 has transformed its portfolio by divesting South African thermal coal and acquiring an interest in Chile copper, substantially boosting group earnings quality, as well as S32’s risk and ESG profile. Unlike its peers amongst ASX-listed large-cap miners, S32 is not exposed to iron ore. Instead offering a highly diversified portfolio of base metals and metallurgical coal (with most of these metals enjoying solid price strength). We see attractive long-term value potential in S32 from de-risking of its growth portfolio, the potential for further portfolio changes, and an earnings-linked dividend policy.

Morgans has an add rating and $6.10 price target on South32’s shares.

The post 3 more of Morgans’ best ASX share ideas for July appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• Why are these ASX 200 mining shares behind the eight ball today?
• Why did the BHP share price have such a lousy FY22?
• South32 crashes into bear market in June as recession fears bite
• June was a terrible month for ASX 200 bank shares. Here’s why

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 Macquarie Group Limited. 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 Zip Co Ltd (ASX: ZIP) share price took off early on Monday before settling to trade just above its previous close.

Its volatile movement follows a strong session on Wall Street and precedes an interest rate decision from the Reserve Bank of Australia (RBA).

At the time of writing, the Zip share price is 48.2 cents, 0.42% higher than its previous close.

However, earlier today the ASX buy now, pay later (BNPL) share reached a high of 51.5 cents – representing a 7.3% gain.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently 1.12% higher.

Let’s take a closer look at what might be driving the Zip share price on Monday.

What’s going on with the Zip share price today?

Zip’s stock is following in the footsteps of the S&P/ASX 200 Information Technology Index (ASX: XIJ) today.

The sector peaked shortly after open this morning before settling in to trade 1.23% higher at the time of writing.

Its performance followed a decent session on the tech-heavy Nasdaq Composite on Friday, during which the index rose 0.9%.

However, Zip’s stock might not have such a buoyant day tomorrow. Australia is preparing to hear the outcome of the RBA’s monthly meeting tomorrow afternoon.

The big four banks predict the regulator will hike rates by between 0.25% and 0.5%, while T. Rowe Price’s Scott Solomon wouldn’t be surprised if they were upped by 0.65%.

As my Foolish colleague James reported earlier today, rising rates have been among the many factors helping to drag the Zip share price lower over the last 12 months.

The BNPL stock has plunged nearly 89% since the start of 2022. It’s also trading for 93% less than it was this time last year.

The post Up and back down: Why is the Zip share price volatile today? appeared first on The Motley Fool Australia.

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More reading

• The Zip share price lost 94% of its value in FY22
• What on earth happened to ASX 200 tech shares in June?
• Why Austal, Mesoblast, Regis Resources, and Zip shares are charging higher
• Why is the Zip share price jumping 11% today?
• Why did the Zip share price crash more than 50% in June?

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 positions in and has recommended ZIPCOLTD FPO. 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) has started the trading week with a spring in its step so far this Monday. At the time of writing, the ASX 200 has risen by a pleasing 1.7% to back over 6,600 points.

So let’s delve a little deeper into these share market moves and check out the shares currently topping the ASX 200’s volume charts today, according to investing.com.

The 3 most traded ASX 200 shares by volume this Monday

Evolution Mining Ltd (ASX: EVN)

Evolution Mining is back this week as our first ASX 200 share to check out. So far today, a sizeable 8.53 million Evolution shares have changed hands as it currently stands. There’s been no new news out of this ASX 200 gold miner today.

However, the Evolution share price has bounced back somewhat during this trading session. It is currently at $2.45 a share, up almost 3% this Monday, which probably explains the trading volumes we are seeing. That’s not nearly enough to erase the dreary June performance of Evolution though.

South32 Ltd (ASX: S32)

ASX 200 diversified mining company South32 is next up today. So far this Monday, a notable 8.62 million South32 shares have been bought and sold on the share market. We’ve seen some significant volatility with this company during today’s session.

South32 initially spiked in value this morning, rising as high as $3.95 a share. However, investors seem to have gotten cold feet as the day has worn on, with the miner now down by 0.26% at $3.86. It’s this bouncing around that we can probably thank for the elevated volumes we are seeing.

Pilbara Minerals Ltd (ASX :PLS)

Pilbara Minerals is our third and final share to check out today. This ASX 200 lithium stock has had 8.87 million of its shares trade over the day thus far. Again, we can’t point anything out of the company itself. So it is probably the movements of the Pilbara share price that are to blame here.

Like South32, we have seen some bouncing around in the Pilbara share price today. The lithium producer initially flew as high as $2.31 a share after market open this morning. But Pilbara has now fallen back to earth and is currently flat at $2.24 a share.

The post Here are the 3 most heavily traded ASX 200 shares on Monday appeared first on The Motley Fool Australia.

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More reading

• Why is the Magellan share price sinking 9% today?
• Here’s how the Woodside Energy share price performed over FY2022
• Hoping to bag the next Graincorp dividend? Read this
• ASX 200 midday update: Suncorp’s update, Magellan sinks
• Why did the Evolution share price freefall 38% in June?

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 Scott Phillips.

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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Bank of Queensland Limited (ASX: BOQ)

According to a note out of Citi, its analysts have retained their buy rating but trimmed their price target on this regional bank’s shares to $8.75. Citi has reduced its earnings estimates on the back of lower interest earning assets assumptions. While this has led to a reduction in its valuation, the broker sees plenty of value and retains its buy rating. The Bank of Queensland share price is trading at $6.78 on Monday.

CSL Limited (ASX: CSL)

A note out of Macquarie reveals that its analysts have retained their outperform rating and $312.00 price target on this biotherapeutics company’s shares. Macquarie notes that plasma collection centre foot traffic continued to improve in the United States in June. As a result, it estimates that plasma collections are now at pre-COVID levels, which bodes well for the company’s growth in the coming years. The CSL share price is fetching $273.99 today.

Netwealth Group Ltd (ASX: NWL)

Analysts at Credit Suisse have retained their outperform rating but cut their price target on this investment platform provider’s shares to $15.70. According to the note, the broker has downgraded its earnings estimates to account for higher costs. However, its analysts believe recent weakness in the sector has offset this and mean its shares remain great value even after the downgrade. The Netwealth share price is trading at $12.42 on Monday afternoon.

The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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More reading

• June was a terrible month for ASX 200 bank shares. Here’s why
• Here’s how ASX 200 healthcare shares performed in June
• Here are the top 10 ASX shares today
• Why a CSL share price above $300 is on the cards: expert
• ASX 200 healthcare shares provided some pain relief today. Here’s why

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 CSL Ltd. and Netwealth. The Motley Fool Australia has positions in and has recommended Netwealth. 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 Liontown Resources Limited (ASX: LTR) share price struggled through June despite the company releasing plenty of good news.

Sadly, however, a broader lithium sell-off event took its toll on the S&P/ASX 200 Index (ASX: XJO) lithium share.

As of the final close of June, the Liontown share price was $1.06, 25.35% lower than where it ended May.

For context, the ASX 200 slipped 8.9% in June while the S&P/ASX 200 Materials Index (ASX: XMJ) slumped 12.4%.

Let’s take a look at what went wrong (and right) for Liontown last month.

What weighed on the Liontown share price last month?

First off, the company shook on an agreement with electric vehicle heavyweight Tesla.

Telsa has agreed to buy up to 150,000 dry metric tonnes (dmt) of spodumene concentrate expected to be produced at Liontown’s upcoming Kathleen Valley Lithium Project each year.

That marked the second offtake agreement for the project, and a third wasn’t far away.

Later in June, Liontown announced Ford also agreed to take up to 150,000 dmt of the project’s production each year.

On the back of the agreements, Liontown made the final investment decision for the project, allowing construction at the site to kick off. First production at the project is expected in the second quarter of 2024.

But the exciting announcements weren’t enough to spare the Liontown share price from a major downturn among its peers.

ASX lithium shares were rocked by a sell-off event in early June, seemingly sparked by a bearish note out of Goldman Sachs, an Argentinian reference price, and reports a Chinese electric vehicle manufacturer was planning to source its own lithium.

The Liontown share price tumbled 19% on 1 June. It then continued on a general downwards trajectory for much of last month.

The post Why did the Liontown share price plummet 25% in June? appeared first on The Motley Fool Australia.

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More reading

• Will the Liontown share price bounce back in July?
• Top broker names 3 of the best ASX 200 shares to buy in FY23
• Why have ASX lithium shares had such a lousy month in June?
• Top broker says the Liontown share price can rise 150%
• 5 things to watch on the ASX 200 on Thursday

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 positions in and has recommended Goldman Sachs and 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) is on course to record a strong gain. In afternoon trade, the benchmark index is up 1.15% to 6,614.3 points.

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

Audio Pixels Holdings Ltd (ASX: AKP)

The Audio Pixels share price is down 2% to $17.44. Investors have been selling this digital speaker developer’s shares amid news that the Australian share market operator is querying the status of the demonstration of its playing chips. For around a decade, Audio Pixels has been promising game-changing digital speaker technology. But every time it gets close to finally revealing it, something seems to happen that delays things.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is down 4% to 73 cents. This is despite there being no news out of the lithium developer. However, it is worth noting that a number of lithium shares are falling on Monday despite the market pushing higher.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is down 1.5% to $3.75. This morning this administration services company rejected a takeover proposal from Dye & Durham. Last week the proposal was reduced from $5.50 per share down to $4.30 per share. The two parties are continuing discussions but Link will need a higher offer if a deal is going to be reached.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price has sunk 9% to $11.81. This appears to have been driven by news that co-founder Hamish Douglass has been selling shares. Throughout June, Douglass offloaded approximately 760,000 Magellan shares. They have a current market value in the region of $9 million.

The post Why Audio Pixels, Lake Resources, Link, and Magellan shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Why is the Magellan share price sinking 9% today?
• Why did the Magellan share price fall 17% in June?
• ASX 200 midday update: Suncorp’s update, Magellan sinks
• Up 138% in a year and 1800% in five years. Why did the Lake Resources share price soar in FY22?
• Link share price drops on takeover rejection

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 Link Administration Holdings Ltd. 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 afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a strong gain. At the time of writing, the benchmark index is up 1.1% to 6,612.2 points.

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

APM Human Services International Ltd (ASX: APM)

The APM share price is up 9.5% to $3.20. This morning this human services provider announced the establishment of an $810 million syndicated multi-currency revolving corporate facility. These funds will be used to close a previous loan facility, which management expects to result in annual pre-tax interest savings of $15 million.

Block Inc (ASX: SQ2)

The Block share price is up 4% to $91.80. Investors have been buying this payments company’s shares following an equally solid rise from its NYSE listed shares on Friday evening. That was driven by a rebound in the tech sector. The local tech sector is also rising today, with the S&P ASX All Technology index up 1.45% this afternoon.

Breville Group Ltd (ASX: BRG)

The Breville share price is up 5% to $19.03. This morning the appliance manufacturer announced the completion of the LELIT acquisition. Breville is paying a total of $140 million in cash and shares to acquire the premium prosumer home coffee equipment company. Key members of the LELIT management team, including the founders, have joined Breville and its integration is underway.

Superloop Ltd (ASX: SLC)

The Superloop share price is up 4.5% to 73.2 cents. The catalyst for this was news that the telco is planning to undertake an on-market buyback. Superloop intends to buy back upwards of 10% of its issued share capital. This follows the divestment of the company’s assets in Hong Kong and Singapore in April, which generated cash proceeds of $125 million.

The post Why APM, Block, Breville, and Superloop shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• What’s pushing APM Human Services shares 9% higher today?
• These are the 10 most shorted ASX shares
• The Block share price plummeted 28% in June. Here’s why
• ASX 200 midday update: Suncorp’s update, Magellan sinks
• 5 things to watch on the ASX 200 on Monday

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 Block, Inc. and SUPERLOOP FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. 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 APM Human Services International Pty (ASX: APM) share price is racing higher in mid-afternoon trade.

This comes after the international human services provider delivered a debt refinance update to the market.

At the time of writing, APM shares are swapping hands at $3.19, up 9.25%.

What did APM announce?

APM shares are pushing higher as investors rally behind the company’s refinancing efforts.

According to its release, APM advised that it has successfully secured committed funding to refinance its debts. This involves an $810 million syndicated multi-currency revolving corporate facility to extinguish its existing Term Loan B facility.

APM noted that it has a current net debt of around $450 million with roughly $360 million of liquidity available.

On average, the new facility funding costs are 210 basis points above BBSY at current levels of net debt. BBSY represents the ‘bank bill swap bid rate’, which is the interest rate used for debt financing.

Pleasingly, this represents a saving of 240 basis points compared to APM’s existing Term Loan B facility.

The new facility is revolving, which means that APM can further reduce its interest costs through cash offsets.

The company estimates it will eliminate interest costs of $15 million annually by swapping over to the new loan.

APM says there is no financial penalty for breaking the Term Loan B facility.

The $810 million facility is available in two tranches, a three-year $505 million tranche and a five-year $305 million tranche.

The company expects the refinancing to occur in mid-July.

APM group CEO Michael Anghie touched on the successful refinancing, saying:

Our new facilities have been strongly supported by high quality Australian and International lenders and provide APM with flexibility and reduced interest costs.

We are particularly proud to have the first Social Loan linked corporate facility in Australia. The Social Loan demonstrates the social impact of the services APM provides and the positive impact on society and goes to our purpose of Enabling Better Lives.

APM share price snapshot

Over the last 12 months, APM shares have moved in circles to register a loss of 10% for the period.

Although, when looking at year to date, its shares are 12% higher.

APM has a market capitalisation of approximately $2.9 billion, based on the current share price.

The post What’s pushing APM Human Services shares 9% higher today? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX shares today
• 3 ASX All Ordinaries shares defying today’s rout to surge higher

Motley Fool contributor Aaron Teboneras 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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It’s news that Magellan Financial Group Ltd (ASX: MFG) shareholders need like a poke in the eye with a blunt stick: Magellan shares are falling once again. Although the S&P/ASX 200 Index (ASX: XJO) is having a corker today, rising by 1.23% at the time of writing, Magellan shares are tanking this Monday. The fund manager has shed another painful 8.77% so far today and is now at $11.86 a share.

So what on earth could be dragging Magellan back down by so much? Especially while the broader market, including other ASX 200 financial shares, is having such a cracking day…

Well, it’s likely to be the result of two developments that came out this morning.

Magellan share price rocked by more bad news

The first was the news that Magellan co-founder and former chief investment officer Hamish Douglass has been offloading a significant quantity of his shares in Magellan.

As my Fool colleague James covered this morning, Douglass sold roughly 760,000 shares over June. That would be worth approximately $9.4 million. This comes after Douglass had previously stated that “we’ve never sold a single share in Magellan”.

This heavy selling from a Magellan co-founder is hardly confidence-inspiring stuff for investors. Particularly as they’ve already had to watch Magellan shares lose more than 78% of their value over the past 12 months.

But that isn’t the only negative piece of news out today.

According to reporting in the Australian Financial Review today, Magellan’s head of sales and distribution Frank Casarotti is to resign from his position. Casarotti has been at Magellan since 2007.

Although he will only leave his post in December 2023, it’s still a blow for the company. The fund  manager has already had to deal with the departure of Douglass, as well as former CEO Brett Cairns last year.

So it’s likely a combination of these two developments that is causing a loss of confidence in Magellan shares today and explains the steep share price drop we are seeing. It’s not exactly how shareholders might want to start FY2023, but here we are.

At the current Magellan share price, this ASX 200 fund manager has a market capitalisation of $2.22 billion, with a trailing dividend yield of 18.92%.

The post Why is the Magellan share price sinking 9% today? appeared first on The Motley Fool Australia.

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More reading

• Here’s how the Woodside Energy share price performed over FY2022
• Why did the Magellan share price fall 17% in June?
• Hoping to bag the next Graincorp dividend? Read this
• ASX 200 midday update: Suncorp’s update, Magellan sinks
• South32 crashes into bear market in June as recession fears bite

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 Scott Phillips.

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Once a week I like to look at ASIC’s short position report to find out which shares are being targeted by short sellers.

This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Flight Centre Travel Group Ltd (ASX: FLT) remains the most shorted ASX share with short interest of 16.1%. With living costs rising there are concerns that consumer spending on leisure travel could suffer.
• Nanosonics Ltd (ASX: NAN) has short interest of 12.3%, which is up week on week. Short sellers continue to target this medical device company amid concerns over disruptive sales model changes in the United States.
• Betmakers Technology Group Ltd (ASX: BET) has seen its short interest reduce again to 11.8%. Valuation concerns appear to be behind this. The betting technology company’s shares trade on sky high multiples.
• Block Inc (ASX: SQ2) has short interest of 10.3%, which is up week on week again. This mirrors the short interest of the payment company’s shares on Wall Street.
• Regis Resources Limited (ASX: RRL) has short interest of 9.2%, which is up week on week. This short interest appears to have been driven by concerns over labour shortages, cost pressures, and lower grades.
• EML Payments Ltd (ASX: EML) has short interest of 8.9%, which is down week on week. A very poor third quarter trading update caught the eye of short sellers and has put significant pressure on the payments company’s shares.
• Webjet Limited (ASX: WEB) has short interest of 8.1%, which is flat week on week. Concerns that cost of living pressures could stifle Webjet’s recovery appear why short sellers are targeting the online travel agent.
• Mesoblast limited (ASX: MSB) has entered the top ten with short interest of 7.9%. Last month this biotechnology company was hit with a class action alleging that it mislead investors and failed to disclose material information over the deficiencies of clinical trials into treatments for COVID-19 and graft versus host disease in children.
• PointsBet Holdings Ltd (ASX: PBH) has 7.9% of its shares held short, which is down week on week. Much to the dismay of short sellers, this sports betting company’s shares have been racing higher over the last couple of weeks thanks to news of a strategic investment.
• PolyNovo Ltd (ASX: PNV) has seen its short interest ease again to 7.9%. Short sellers appear to be losing interest in this medical device company. Some heavy insider buying may have spooked them.

The post These are the 10 most shorted ASX shares appeared first on The Motley Fool Australia.

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More reading

• Why did the Regis Resources share price sink 35% in June?
• The Block share price plummeted 28% in June. Here’s why
• ASX 200 midday update: Suncorp’s update, Magellan sinks
• How did ASX travel shares perform in June?
• ASX 200 travel shares leap as Australia scraps COVID-19 vaccine mandates for international arrivals

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 Betmakers Technology Group Ltd, Block, Inc., EML Payments, Nanosonics Limited, POLYNOVO FPO, and Pointsbet Holdings Ltd. The Motley Fool Australia has positions in and has recommended Block, Inc., EML Payments, and Nanosonics Limited. The Motley Fool Australia has recommended Betmakers Technology Group Ltd, Flight Centre Travel Group Limited, Pointsbet Holdings Ltd, and Webjet Ltd. 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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