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I answered the phone this morning.

“Mate, the market is stupid”

It was my mate, ringing to chew the fat on his way to work.

“The S&P 500 is up more than 7%. In a month!”

“That’s nuts”

He’s right, of course.

While the academics tell us how efficient the market is, and the boffins and traders yell “Buy! Sell! Buy! Sell!”, my mate is the proverbial little boy reminding us that the Emperor has no clothes.

He said as much.

“Mate, I’ve been investing seriously for, what, six years? Even I know it’s stupid.”

He went on:

“Just look back at March last year. The market fell 30% [it was actually 37%]. Even I knew it was dumb to sell. People should have been buying, or at the very least, holding.”

“If they sold, they locked in, what, a 40% loss” (I’d corrected him on the 30% thing by then).

“It’s stupid”

“All they had to do was hold. Maybe it might have kept falling. Who knows. But even I knew not to sell.”

“It was almost certainly going to go back up eventually.”

That sound you hear is three-quarters of the finance industry shifting uncomfortably in their seats.

The gurus who waited for the market to fall further. (It didn’t.)

The geniuses who said they’d wait for COVID to be over before they invested (It isn’t. The market is up 62% since.)

Those who thought being an ‘active investor’ beats ‘buy to hold’.

Those who can’t just leave well enough alone.

Who need to be Masters of the Universe.

“You’re right.” I told my mate.

“The problem is that many people in my industry are too busy trying to prove how smart they are.”

“Maybe they’re trying to prove it to themselves. Maybe they’re trying to be smarter than the other guy.”

I hate taking victory laps, I told him. It’s classless, and pride comes before a fall. But I do it in this case, reluctantly, because it’s important.

Because here’s what I wrote during the COVID crash:

—–

“In more than a century of ASX history, the market has never failed to regain and surpass a previous market high.

Think it’s different this time? That’s what they said last time, and the time before.

Yeah, but this time it’s really different? They said that, too.

So here’s the thing: with the ASX down ~30% from its February highs, there’s a ~43% gain on offer if the ASX just gets back to that level.

And then more if — as has always happened before — it goes higher.

Of course it could be different this time. It’s always possible.

But likely? I don’t think so.”

—–

I’m not the smartest bloke in almost any room. That’s perfectly fine by me.

Not that I don’t have an ego — we all do. I’m not so arrogant or naive to think I don’t.

But I don’t feel like I have to prove myself to anyone. Which is a wonderful thing.

Sure, I’m pleased I wrote those words at the very beginning of April last year.

I’m pleased because I hope you listened at the time.

And because I can use it, now, as an example of the simple advice that just works, in investing.

And because I hope it might mean you’ll follow my advice next time.

Not for my sake, but because I want to see more people enjoy long-term success with their investing.

(And maybe listen to fewer of the prognosticators, predictors and self-appointed experts, too!)

Because, I don’t know about you, but I reckon making a few bob beats missing out by trying to be ‘smart’.

So does my mate. If you won’t listen to me, at least listen to him.

Fool on!

The post What if the stock market emperor has no clothes appeared first on The Motley Fool Australia.

More reading

• 3 quality ASX 200 shares that could be buys
• The EML (ASX:EML) share price is down 30% so far in 2021. Here’s why
• SciDev (ASX:SDV) share price sinks 9% on Tuesday. Here’s why
• Why UBS just downgraded its rating on Boral (ASX:BLD) shares
• Magnis Energy (ASX:MNS) share price is up 18% on Tuesday

Motley Fool contributor Scott Phillips 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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If you are looking to bolster your portfolio with some S&P/ASX 200 Index (ASX: XJO) shares, you may want to look at the three listed below.

Here’s why these ASX 200 shares are highly rated right now:

Bapcor Ltd (ASX: BAP)

The first ASX 200 share to look at is Bapcor. It is the Asia Pacific region’s leading provider of vehicle parts, accessories, equipment, service and solutions. It was on form in FY 2021, delivering a 20.4% increase in revenue to $1,761.7 million and a 46.5% jump in pro forma net profit after tax to $130.1 million. This was driven by growth across the business. And while FY 2022’s performance is expected to be much more subdued, analysts are tipping Bapcor’s growth to accelerate again from FY 2023. Particularly given its expansion plans.

The team at Citi are positive on Bapcor. The broker currently has a buy rating and $8.75 price target on its shares.

REA Group Limited (ASX: REA)

Another ASX 200 share to look at is property listings company REA Group. It is best-known for the realestate.com.au website, which is dominating the ANZ market with an average of 121.9 million monthly visits to its website in FY 2021. This was up 35% year on year and is 3.3 times more than its nearest competitor. It is thanks to this dominant market position, together with the thriving housing market and new acquisitions and revenue streams, that REA Group has been tipped to grow strongly in the coming years.

Macquarie is very positive on the company’s outlook. As a result, the broker has an outperform rating and $185.00 price target on its shares.

SEEK Limited (ASX: SEK)

A final ASX 200 share to look at is this leading job listings company. It bounced back strongly from the pandemic and delivered a 1% increase in revenue to $1,591 million and a 58% jump in net profit after tax (excluding significant items) to $141 million in FY 2021. This was driven largely by a rebound in job listings and its dominant market position. Pleasingly, more of the same is expected in the coming years as the Australian economy recovers from COVID-19.

Macquarie is also a fan of SEEK. Its analysts currently have an outperform rating and $37.00 price target on its shares.

The post 3 quality ASX 200 shares that could be buys appeared first on The Motley Fool Australia.

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• Brokers think these 2 top ASX shares are buys in November 2021
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Motley Fool contributor James Mickleboro owns shares of SEEK 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 Bapcor. The Motley Fool Australia has recommended REA Group Limited and SEEK 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 EML Payments Ltd (ASX: EML) share price has fallen about 30% since the start of the year.

That was despite the business reporting quite a bit of growth in FY21.

EML Payments’ FY21 result

How a business performs can have a large influence on investor thoughts.

The payments company reported a number of statistics that had a higher level of growth. Gross debit volume (GDV) increased 42% to $19.7 billion. The revenue increased 60% to $194.2 million. This helped underlying earnings before interest, tax, depreciation and amortisation (EBITDA) grow by 65% to $53.5 million.

Looking at the main profitability measures, underlying net profit (NPATA) rose by 54% to $32.4 million, whilst operating cashflow went up by 121% to $48.8 million.

The segment that makes the most revenue is the general purpose reloadable, which has use cases for things like banking as a service, software as a service, neo-lending, multi-currency, government and non-governmental organisations. It made $113.5 million of revenue – up 131%.

However, the existing EML business contributed $35.3 million of the general purpose reloadable revenue, representing 34% growth. The acquired PFS business contributed $78.3 million of revenue.

So, with PFS playing an important part in the overall result, it is no surprise that the market is focused on what is happening with PFS in Ireland.

The CBI investigation

The Central Bank of Ireland (CBI) has regulatory concerns about the PFS Card Services (Ireland) Limited (PCSIL) business. EML recently received further correspondence about potential ‘directions’ which included, but was not limited to, the remediation plan and material growth.

Whilst the nature of those potential directions is more limited than those originally foreshadowed by the CBI in May 2021. However, as presently framed, EML said that the directions could materially impact the European operations of the Prepaid Financial Services business.

Whilst acknowledging the remediation program currently underway and governance improvements with the PCSIL board, the CBI has advised that PCSIL’s proposed material growth policy is higher than what the CBI “would want to see”.

CBI has also proposed that certain limits be applied to programs that could have a negative impact on the PCSIL business. EML is going to present to the CBI a “significant and detailed” analysis of limits applied across almost 27,000 programs in the next week along with a proposed recalibration of limits for certain programs.

The CBI has invited PCSIL to provide submissions about the potential directions. The remediation plan is on track according to EML, which remains in ongoing dialogue about CBI’s concerns and the remediation plan.

Is the EML Payments share price a buy?

Some brokers are still positive on the EML Payments share price.

For example, EML is rated as a buy by the broker UBS, with a price target of $4.80. That suggests a potential increase of more than 60% over the next 12 months. UBS thinks that there could be a problem relating to bringing on new customers, if the CBI goes ahead with this.

Based on UBS’ numbers, the EML Payments share price is valued at 22x FY23’s estimated earnings.

The broker Ord Minnett has a less optimistic price target of $4.02 for the EML share price. But, once these problems are fixed, Ord Minnett thinks EML has a promising future.

The post The EML (ASX:EML) share price is down 30% so far in 2021. Here’s why appeared first on The Motley Fool Australia.

More reading

• These were the worst performing ASX 200 shares in October
• Can the EML (ASX:EML) share price hit $4.80 by the end of 2021?
• Why has the EML (ASX: EML) share price tumbled 17% in 2 weeks?
• These were the worst performing ASX 200 shares last week
• Which shares are set to finish the week as the top movers on the ASX 300?

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The SciDev Ltd (ASX: SDV) share price came out of a trading halt today following the company’s successful placement.

While SciDev is pleased with the latest capital raising efforts, its shares have plummeted 9.03% to 65.5 cents.

Let’s take a closer look at the details regarding the chemical engineering company’s latest announcement.

Why is SciDev shares in negative territory?

A major catalyst for SciDev shares sinking could be investor concerns about the impending dilution of shares.

According to its release, SciDev advised it has received binding commitments from an array of institutions to raise $18 million. The strongly-supported placement primarily came from local and international institutional investors.

The placement will see around 27.7 million new ordinary shares created at an issue price of 65 cents apiece. SciDev will use its existing placement capacity under listing rule 7.1 (15.3 million shares) and 7.1A (12.4 million shares). This allows up to 15% of its shares to be issued without shareholder approval. The new shares will rank equally with SciDev’s existing ordinary shares.

SciDev also announced a share purchase plan (SSP) to raise a further $2 million from eligible shareholders. The issue price was listed as the same offered in the placement.

The proceeds from both the placement and SPP will be used to deliver a number of strategic objectives, that include:

• Consolidation of SciDev’s Australian production facilities, including an upgrade of laboratory capability and expansion of our manufacturing capability;
• Funding an upcoming acquisition payment for SciDev Water Services (Haldon); and
• Funding new green chemistry initiatives to displace oil-based chemistries in the global $11 billion oil and gas market.

Management commentary

SciDev managing director and CEO Lewis Utting commented:

The Placement will allow us to accelerate the growth opportunities across our business, specifically in the large water treatment vertical. The funds will support the expansion of our manufacturing capabilities in Australia, securing our supply chain, improving our margins, and allowing our highly skilled team to continue to develop new technologies to help our clients solve their pressing operational and environmental issues.

About the SciDev share price 

Over the past 12 months, SciDev shares have dropped by more than 7% and are down almost 20% year-to-date. The company’s shares recently reached a 52-week high of $1.07 in August before being pushed lower.

On valuation grounds, SciDev commands a market capitalisation of roughly $104.3 million with approximately 159.26 million shares on issue.

The post SciDev (ASX:SDV) share price sinks 9% on Tuesday. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why UBS just downgraded its rating on Boral (ASX:BLD) shares
• Magnis Energy (ASX:MNS) share price is up 18% on Tuesday
• Here’s why the Rio Tinto (ASX:RIO) share price is down 23% so far in 2021
• Here are the top 10 ASX shares today
• Did an Aussie invent Bitcoin? The $86 billion question facing a US court

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 Bruce Jackson.

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Shares in building and construction materials group Boral Limited (ASX: BLD) have fallen sharply this past week, having come off a high of $6.61 on 28 October.

Boral shares continued to fall into the red today, closing at $6.34 and down 1.09%.

What’s up with the Boral share price lately?

Investors were piling into Boral shares last week as the company conducted its AGM. Whilst not price sensitive in any way, investors did appear to scope out the company’s report, paying close attention to a trading update within the presentation.

Here, Boral outlined it had faced significant COVID-related headwinds that impacted its concrete sales when compared to last year.

As such, the company reported a 2% decrease in concrete volumes, underscored by a 14% decrease in concrete volumes in NSW from pandemic-induced lockdowns that saw the construction industry come to a standstill.

Although revenue and earnings took a hit from these challenges, it was the company’s outlook that offered investors relief.

Boral see’s a recovery in its operations as lockdowns subside, with this trend continuing across FY22 as society begins to normalise post-pandemic.

As investing hall-of-famers Warren Buffet and Peter Lynch each correctly point out in their writings, the market values a company’s shares based on a combination of past earnings history and future earnings expectations.

With that in mind, it would appear that the market was factoring in Boral’s revised outlook into its share price to fuel its gains after the update.

However, not all of those analysing Boral’s share price are as rosy on the company’s outlook and believe that market conditions are still tough out there for the company.

What are analysts saying about Boral shares?

The team at investment bank UBS reckons that whilst Boral’s concrete and quarry volumes were a touch better than expected, challenges remain for the company from underlying market conditions.

The broker has updated its modelling, and whilst it “lift[s] EBIT marginally, we still think core margins will struggle to gain traction until there is a meaningful recovery in Sydney commercial and apartment volumes”.

UBS also notes the string of asset divestments Boral has completed over recent times, which consequently slims down its business.

Analysts at the firm question if Boral is up to the test, which is made more difficult by weakening demand in the company’s core market of building and construction materials.

As a result, the broker cut its price target on the Boral share price by 5% – down from $6.80 to $6.45 – and reiterated its neutral rating.

At the time the note was released, this represented a roughly 0.6% discount to Boral’s share price, however, after today’s losses, it actually represents an approximate 2% premium.

Boral share price snapshot

The Boral share price has climbed over 28% this year to date, extending its run into the green to 32% over the past 12 months.

These results are each ahead of the benchmark S&P/ASX 200 index (ASX: XJO)’s gain of around 23% in that time.

The post Why UBS just downgraded its rating on Boral (ASX:BLD) shares appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Why is the Boral (ASX:BLD) share price climbing today?
• ASX 200 (ASX:XJO) midday update: ANZ result impresses, Fortescue higher
• Why has the Boral (ASX:BLD) share price jumped 5% since the start of this month?
• Boral (ASX:BLD) share price lifts amid Meridian sale completion

The author Zach Bristow 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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Shares in lithium-ion battery manufacturer Magnis Energy Technologies Ltd (ASX: MNS) finished the day up 18.48% and closed the session at 54.5 cents.

Magnis shares were on the upward trajectory today despite there being no market-sensitive information for the company.

With that in mind, let’s take a closer look at what’s fuelling Magnis Energy shares lately.

What’s up with Magnis Energy shares today?

The Magnis Energy share price has been gaining ground since the company released a project update late last month.

Magnis advised that its 60% owned venture Imperium3 New York had received approval for an Aquifer Permit.

This is the crucial last step in the approval process for Imperium3, a lithium-ion battery plant located in New York.

As a result of the approval, the plant is now fully funded to begin commercial production in the lithium-ion battery cell manufacturing market with a scale of up to 1.8 GWh.

The release of Magnis’ quarterly activities report for the period ending 30 September 2021 also sent shares higher when the company presented it last week.

In its report, the company advised that Imperium3 “as of end of September is 33% complete, and has completed several milestones” on its quest to production.

It also announced further binding offtakes with its subsidiaries – including Imperium3 – which “include an agreement with Anglian Omega subsidiary Omega Seiki, producer of electric three-wheelers in India” alongside a US government supplier.

Magnis also expects to see fully-automated production at the Imperium3 site by 1H 2022 after phasing out its “semi-automated process” by the end of this calender year.

Aside from this, the spot price of lithium has also rallied once more since we rolled over from October into November.

In the last week or so, the price of lithium has climbed a further 6.4%, or A$2,398/tonne, to reach another all-time high of A$40,156/tonne.

This uplift in lithium prices bodes well for the Magnis Energy share price given Magnis is an ASX resource share that produces the commodity.

As such, it is considered a price taker with a share price that can and does fluctuate with volatility in the broader commodity and lithium markets.

Lithium has made another upward move over the past week, rapidly accelerating a further A$1,460/tonne.

With this in mind, and in the absence of any other price-sensitive information, it stands to reason that Magnis Energy’s share price is faring well on the back of this momentum in the battery metal and the company’s recent trading updates.

Magnis Energy share price snapshot

The Magnis Energy share price has posted outsized returns over the past 12 months of 194%, after rallying 175% this year to date.

These returns are a galaxy ahead of the benchmark S&P/ASX 200 Index (ASX: XJO)’s gain of around 23% in that time.

The post Magnis Energy (ASX:MNS) share price is up 18% on Tuesday appeared first on The Motley Fool Australia.

More reading

• Magnis Energy (ASX:MNS) share price leaps 6% on lithium battery update
• Here’s why the Magnis Energy (ASX:MNS) share price is leaping 7% today

The author Zach Bristow 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 Rio Tinto Limited (ASX: RIO) share price has slid further today. Disappointingly, this takes the mining giant’s performance since the beginning of the year to negative 23%.

Despite growing its revenue and earnings at a substantial rate in the last financial year, the market is punishing this resource company. But, what has led to this downfall in investor sentiment? Especially when the performance metrics have been humming along.

A rocky year for the Rio Tinto share price

If we had been analysing the mining company’s share price performance back in early August, it would be a completely different story. At that point in time, shares were going for between $130 to $135 on the ASX, which was approximately a 15% increase from the beginning of the year.

Prior to August, there was a sense of euphoria in the markets towards iron ore producers. The price of the steel-making commodity was reaching new heights as China’s demand seemed insatiable. Yet, it all abruptly came to a screeching halt as China imposed shutdowns to curb emissions and reduce energy consumption.

Following this move, the price of iron ore quickly imploded, tumbling from roughly US$220 per tonne to US$115 in less than 2 months. Unsurprisingly, this shook investors of iron ore producing companies such as Rio Tinto, BHP Group Ltd (ASX: BHP), and Fortescue Metals Group Limited (ASX: FMG).

The reason why the market’s attitude towards the mining giants swiftly changed is largely due to how the commodity’s price impacts the company’s revenue and earnings. While the cost part of the process stays relatively the same, the reduction in sale price means less realised income for every tonne produced.

What about now?

Unfortunately, the outlook isn’t much better in the near term for iron ore prices. According to Reuters, iron ore futures slumped to nearly a 1-year low of US$93.75 a tonne. This stems from continued steel production controls.

Affected by heating season and winter Olympics (controls), molten iron output is hard to increase and could stay weak in the short-to-medium term.

SinoSteel Futures

In turn, the Rio Tinto share price and other mining companies are weakening further today.

The post Here’s why the Rio Tinto (ASX:RIO) share price is down 23% so far in 2021 appeared first on The Motley Fool Australia.

More reading

• Here’s why the Rio Tinto (ASX:RIO) share price is down 29% in the last 3 months
• Why did the Rio Tinto (ASX:RIO) share price climb today?
• Rio Tinto (ASX:RIO) share price threatens fresh year-to-date low
• ASX 200 (ASX:XJO) midday update: BHP and Rio Tinto fall, Qantas higher
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Mitchell Lawler 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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Today, the S&P/ASX 200 Index (ASX: XJO) was unable to back up yesterday’s gain with another positive session. At the end of the trading day, the benchmark index finished 0.63% lower at 7,324.3 points.

The red session could largely be blamed on steep losses in financials and miners on Tuesday. Notably, significant falls in iron ore producers were witnessed as the commodity’s futures point to more weakness.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the ten stocks that rose to the occasion:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Goodman Group (ASX: GMG) was the biggest gainer today. Shares in the integrated property group gained 5.80%. This strong showing followed the group’s first-quarter update with came along with an upgraded earnings guidance. Find out more about Goodman Group here.

The next biggest gaining ASX share today was Novonix Ltd (ASX: NVX). The battery materials and technology company share price rallied 4.43% despite no new announcements. Uncover the latest Novonix details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Goodman Group (ASX: GMG)	$23.54	5.80%
Novonix Ltd (ASX: NVX)	$8.02	4.43%
Dicker Data Ltd (ASX: DDR)	$15.68	3.50%
Megaport Ltd (ASX: MP1)	$19.32	3.48%
Charter Hall Group (ASX: CHC)	$18.62	3.44%
IDP Education Ltd (ASX: IEL)	$39.23	3.24%
APA Group (ASX: APA)	$8.68	3.21%
Lendlease Group (ASX: LLC)	$10.75	2.87%
Pexa Group Ltd (ASX: PXA)	$15.74	2.61%
Pro Medicus Ltd (ASX: PME)	$56.23	2.48%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• How did the Woodside Petroleum (ASX:WPL) share price perform in October?
• Real estate shares are leading the ASX 200 on Tuesday
• Why Goodman, Praemium, Step One, and Telix shares are charging higher
• ASX 200 (ASX:XJO) midday update: Netwealth’s merger proposal, IAG sinks
• It’s been a great 2021 so far for the CBA (ASX:CBA) share price

Motley Fool contributor Mitchell Lawler owns shares of Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Dicker Data Limited, Idp Education Pty Ltd, MEGAPORT FPO, and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended APA Group, Dicker Data Limited, and Pro Medicus Ltd. The Motley Fool Australia has recommended MEGAPORT FPO. 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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Bitcoin (CRYPTO: BTC) is back in the green today, up 1.6% over the past 24 hours to US$61,092 (AU$81,456).

Despite the bounce, Bitcoin remains down 3% over the past week and down 9% from its 20 October all-time high of US$66,930, according to data from CoinMarketCap.

That’s the recent price action.

But the US$65 billion question – or some 1.1 million Bitcoin – crypto enthusiasts are hoping may arise out of a case now before US courts is: who really invented the world’s first, and still largest, cryptocurrency?

Will the real Satoshi Nakamoto please stand up

You’ve probably heard of Satoshi Nakamoto. That’s the pseudonym of the person, or group of people, who wrote the original whitepaper on Bitcoin back in 2008 and launched the token in 2009.

Amazingly, 13 years on and the world still doesn’t have confirmation on who Nakamoto really is.

Not that some people haven’t made the claim.

Among them, Aussie computer boffin, Craig Wright.

Wright came out a few years ago saying he is the brains behind Bitcoin’s creation.

While some support his assertion, there are certainly plenty of doubters.

Crypto investor Aaron Brown, who writes for Bloomberg Opinion, said that Wright is indeed “an important early innovator in cryptocurrency, and is also rich from cryptocurrency… Beyond that, his claims to be the main or only author of the original Bitcoin whitepaper have little support.”

Wright has maintained his assertion of being the real Satoshi Nakamoto.

Now, a federal court trial underway in Miami, in the US state of Florida, may help shed some light on Wright’s claims.

What’s the Bitcoin court case about?

The court case was initiated 3 years ago but delayed by the onset of the pandemic.

Now, as Bloomberg reports, Craig Wright will “defend himself against claims that he swindled the estate of a deceased Florida man of its share of some $65 billion of the peer-to-peer currency and intellectual property related to blockchain technology worth billions of dollars more”.

The trial intended to determine whether there was a legal business partnership between Wright and Dave Kleiman, who died in 2013.

Kleinman’s brother is pressing the Kleiman estate complaint against Wright, saying Dave and Craig worked together on the early stages of Bitcoin’s development. The estate claims it should receive half the 1.1 million Bitcoin which are thought to be in the virtual hands of Nakamoto.

Whether Wright will reveal more evidence backing his claim to be the real Satoshi Nakamoto during the hearings remains to be seen.

The post Did an Aussie invent Bitcoin? The $86 billion question facing a US court appeared first on The Motley Fool Australia.

More reading

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• ASX’s first cryptocurrency ETF is listing Thursday
• Shiba Inu crashes 28% as Dogecoin soars. What’s next for the dog coins?
• Bitcoin mania down under: Is the new crypto miners ETF (DIGA) listed on the ASX?
• Will an Ethereum ETF follow in Bitcoin’s footsteps?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. 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 HT&E Ltd (ASX: HT1) share price finished flat at $1.85 today — the same price as it closed on Monday.

However, it spent much of Tuesday in the red until an update from the media and entertainment company this afternoon saw a late rally.

Here are the details.

What was announced?

HT&E advised it disposed of its entire equity stake and shareholding in out-of-home advertising company oOh!Media Limited (ASX: OML) today.

The company disposed of the shares for $1.78 each, thereby obtaining gross proceeds of $49 million.

HT&E had originally acquired its 4.2% stake in oOh!Media in April 2020, as an “equity investment in a sector and assets it is very familiar with”.

The disposal of the shares realised a gain of $31 million on its original investment of approximately $15 million to $18 million at the time. However, it has done little to fire up the HT&E share price.

The $49 million is a welcome accretion to HT&E’s balance sheet after it recently resolved an ongoing tax dispute with the Australian Taxation Office (ATO).

Here the ATO was chasing answers and payment on a total of $195 million in reference to one of HT&E’s New Zealand branches. The company reached the resolution on a sum of $71 million – far lower than most expected – being in the best interests of shareholders.

The better-than-expected result saw the HT&E share price soar by more than 30% on the day. It also had leading brokers smiling, as the majority of analysts had baked in a far greater penalty toward the company.

Leading broker Jefferies reckoned the company would foot a $90 million bill from the dispute and was subsequently surprised at the outcome.

It consequently raised its price target on the HT&E share price by around 9% to $2.50 per share, implying an upside potential of 38% at the time of writing.

Today, the HT&E share price was struggling around $1.80 at the time of announcement — down around 2.7% on the day — before bouncing back to its closing price of $1.85.

HT&E share price snapshot

The HT&E share price is currently exactly where it started the year, at $1.85. However, shares in the media company have rallied 17% in the last month and around 20% this past week.

In the last 12 months, HT&E shares have climbed more than 27%, a smidge ahead of the S&P/AX 200 index (ASX: XJO)’s return of 23% in that time.

The post What happened to the HT&E (ASX:HT1) share price on Tuesday? appeared first on The Motley Fool Australia.

More reading

• Why Jefferies sees 35% upside in the HT&E (ASX:HT1) share price
• Why HT&E, JB Hi-Fi, Reece, and ResMed shares are charging higher
• Here’s why HT&E (ASX:HT1) share price is rocketing 31% today
• Why did the oOh!Media (ASX:OML) share price just hit a 52-week high?
• Which shares are set to finish the week as the top movers on the ASX 300?

The author Zach Bristow 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 recommended oOh!Media 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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