Category: Stock Market

Warren Buffett has always held a large amount of cash. However, in 2020 his cash pile reached a record level of around $137 billion.

Alongside Berkshire Hathaway Inc (NYSE: BRK.A) (NYSE: BRK.B)’s purchase of gold miner Barrick Gold Corp (NYSE: ABX), this suggested to some investors that the Oracle of Omaha was readying himself for the next stock market crash.

However, subsequent sales of shares in the gold miner and a long history of holding vast amounts of cash indicate that Buffett is permanently ready to capitalise on the next market downturn.

Following a similar approach could be very worthwhile for all investors. By holding cash, and identifying high-quality companies ahead of a bear market, it is possible for an investor to use market cycles to their advantage.

Warren Buffett’s large cash resources

Warren Buffett is likely to hold cash for two main reasons. The first is that it provides peace of mind. An investor who is not fully invested is more able to overcome unforeseen financial challenges that would otherwise force them to sell shares. For example, they may lose their job or have unexpected housing repair costs that require immediate access to cash.

The second reason to hold cash is to capitalise on market downturns. The stock market is almost inevitably going to experience a major crash over the coming years. After all, its past performance shows that the market rally experienced in the second half of 2020 will eventually run out of steam. Some crisis or threat will cause investor sentiment to deteriorate, which will produce significantly lower stock price valuations.

Investors such as Warren Buffett will be in a financial position to capitalise on them. As the 2020 stock market crash showed, the window of opportunity to buy companies at low prices can be relatively short.

Identifying high-quality companies ahead of a market crash

As well as following Warren Buffett in holding large amounts of cash, identifying high-quality companies ahead of a market crash could be a sound move. For example, at the present time an investor may be able to find a number of businesses that have solid financial positions and competitive advantages. However, they may trade at prices that lack a margin of safety.

Keeping tabs on the financial performance and developments of such companies can be a sound move. It will enable an investor to be in a position to understand a business comprehensively so that they can quickly react to a short-term decline in its share price. This may allow them to buy high-quality companies at low prices. Over the long run, such a strategy can be highly effective in generating market-beating returns.

Planning for the next market downturn

Warren Buffett appears to be in a constant state of preparedness for the next stock market crash. His large cash position means he can invest quickly and decisively in a market downturn. An investor who puts themselves in the same position through holding cash and identifying high-quality companies today could generate impressive returns in a stock market rally.

More reading

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• World’s 10 biggest companies are now worth 12% of Earth’s GDP
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Motley Fool contributor Peter Stephens has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Berkshire Hathaway (B shares) and recommends the following options: short January 2021 $200 puts on Berkshire Hathaway (B shares) and long January 2021 $200 calls on Berkshire Hathaway (B shares). The Motley Fool Australia has recommended Berkshire Hathaway (B shares). 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 ASX Ltd (ASX: ASX) share price is on the move on Thursday after the release of its activity report for December and the calendar year.

At the time of writing, the stock exchange operator’s shares are up 0.5% to $72.67.

How did ASX perform in December?

During the month of December, the average daily number of Cash Market trades was 6% lower than the prior corresponding period.

However, the average daily value traded on-market was 22% higher than the prior corresponding period at $5.6 billion.

This led to the average daily number of trades coming in at 1,725,560 for the year, which was 8% higher than in calendar year 2019. The average daily value traded on-market was $6.5 billion for 2020, up 34% year on year.

This solid increase in the number of trades appears to have been driven by a surge in first-time investors last year. A large number of new investors started investing after the COVID-related market crash early in the year.

Things were not quite as positive for its Futures business. In December, the average daily futures volume was down 22% and average daily options volume was down 83% on the prior corresponding period.

As a result, average daily futures and options on futures volume was 606,033 over the year, which was 14% lower than in calendar year 2019.

It was a similar story for its OTC Markets business in December. The notional value of OTC interest rate derivative contracts centrally cleared was $814.6 billion for the month, compared to $1,447.2 billion a year earlier.

This led to the notional value of OTC interest rate derivative contracts centrally cleared coming in at $9,174.7 billion in 2020. This is down 38% from $14,733.3 billion in calendar year 2019.

Finally, ASX reported a 15% decline in average daily number of single stock options for the year and a $1.8 billion increase in participant margin balances from exchange-traded markets.

More reading

• ASX ordered to take a good look in the mirror
• Why zero-fee apps will never exist for ASX shares
• Top brokers name 3 ASX shares to sell next week

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

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The Mayne Pharma Group Ltd (ASX: MYX) share price is pushing higher on Thursday morning.

In morning trade the pharmaceutical company’s shares are up 3% to 36 cents.

Why is the Mayne Pharma share price pushing higher?

There have been a couple of catalysts for Mayne Pharma’s share price gain on Thursday.

The first is improving investor sentiment following positive developments in the US senate overnight. The other is the release of an announcement by Mayne Pharma this morning.

That announcement revealed the commercial launch of Microgestin 24 FE to customers in the United States.

According to the release, Microgestin 24 FE tablets are a generic version of Loestrin 24 FE tablets, which are indicated for the prevention of pregnancy.

The IQVIA estimates that the annual US market sales of the generic equivalents of Loestrin were approximately US$75 million for the twelve months ended October 2020.

Mayne Pharma’s CEO, Scott Richards, commented: “We are very pleased to launch MICROGESTIN 24 FE which complements our existing women’s health portfolio of branded generic contraceptives. As one of the leading suppliers of oral contraceptives in the US, we continue to focus on expanding our portfolio with novel and generic products.”

Mr Richards advised that this will be the first of a number of new contraceptive product launches in 2021.

“Mayne Pharma expects to launch up to seven new contraceptive products over the coming year including the novel oral contraceptive NEXTSTELLIS (E4/DRSP), a generic version of NUVARING and a further five generic products.”

This is expected to give Mayne Pharma a strong position in the US market.

“Mayne Pharma’s women’s health portfolio includes 27 marketed and pipeline products which cover more than 85% of US oral contraceptive prescription volumes. MICROGESTIN 24 FE is the first of five anticipated new product launches sourced from the recently announced strategic partnership with Novast Laboratories,” the CEO concluded.

More reading

• Which ASX shares will China ‘punish’ next?

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

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The Bubs Australia Ltd (ASX: BUB) share price was a very disappointing performer in 2020.

Over the 12 months, the goat milk infant formula and baby food company’s shares lost a massive 40% of their value.

Why did the Bubs share price crash lower in 2020?

As with its larger and profitable rival A2 Milk Company Ltd (ASX: A2M), 2020 was a tale of two halves for Bubs.

At one stage the company’s shares were up 19% year to date to a 52-week high of $1.19. Investors had been buying its shares after it delivered a strong third quarter update for FY 2020.  

That update revealed record quarterly revenue of $19.7 million, which was up 67% on the prior corresponding period and a 36% lift on the second quarter.

But what was getting investors especially excited was news that it was finally generating positive operating cashflow. For the quarter, Bubs recorded positive operating cashflow of $2.3 million.

This was a massive positive and appeared to demonstrate that Bubs had finally reached a scale which meant its operations were profitable. This followed years of highly dilutive capital raisings and significant cash burn.

Cash burn returns.

However, this positive operating cash flow did not last long and Bubs was operating at a loss again in the fourth quarter. In fact, the company burned through $10.3 million of cash during the quarter.

And lo and behold, yet another capital raising was just around the corner. Bubs raised $28.3 million via a placement to new and existing institutional and sophisticated investors at 80 cents per share in September.

It then raised a further $3.8 million from retail shareholders via a share purchase plan. This fell well short of its $10 million target.

While this left it with a cash balance of $42.6 million at the end of the first quarter, these funds won’t last long if it doesn’t sort out its cash burn quickly. During the quarter Bubs recorded an operating cash outflow of $10.15 million.

And given how challenging trading conditions are in the daigou channel right now, an uptick in its performance is far from guaranteed.

Bubs’ second quarter update will be released in the coming weeks. Shareholders will no doubt be watching that one very closely.

More reading

• Here’s why Bubs (ASX:BUB) and this ASX share are underperforming in 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk and BUBS AUST 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Amazon.com Inc (NASDAQ: AMZN) keeps expanding its horizons and the number of pies it has its finger in.

The e-commerce giant has announced it is establishing a $2 billion fund to build over 20,000 affordable housing units in the Puget Sound region of Washington state; Arlington, Virginia; and Nashville, Tennessee.

Called the Housing Equity Fund, Amazon says the program will provide below-market capital to “housing partners, traditional and non-traditional public agencies, and minority-led organizations” in the form of loans, lines of credit, and grants.

The initial communities Amazon chose for investment hold significance for the company because its regional headquarters are located in each. It expects to employ at least 5,000 workers in each location in the coming years.

The first tranche of assistance will be for more than $567 million near Amazon’s new Arlington offices, where as many as 1,300 affordable apartment homes will be created. Another 1,000 units will be built near its Seattle headquarters.

According to the announcement, Amazon is targeting households making between 30% and 80% of an area’s median income, so for the Washington, D.C., metro area, households of four earning less than $79,600 a year would qualify, as would those earning less than $95,250 in the Seattle area.

The program is an outgrowth of initiatives Amazon has already undertaken, such as donating more than $19 million to support those facing eviction due to the pandemic in the D.C. area; more than $100 million to Mary’s Place, a Seattle nonprofit focused on fighting family homelessness; and $2.25 million given to The Housing Fund nonprofit in Nashville.

At the onset of the pandemic, Amazon initiated several programs centered around its Seattle headquarters, such as delivering coronavirus testing kits for free and launching a $5 million small-business loan fund.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Rich Duprey has no position in any of the stocks mentioned. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool Australia has recommended Amazon. 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 WiseTech Global Ltd (ASX: WTC) share price was a very strong performer in 2020 despite facing a number of challenges.

Over the 12 months, the logistics solutions company’s shares recorded an impressive gain of 31%.

Why did the WiseTech Global share price outperform in 2020?

Investors were buying the company’s shares in 2020 after its strong growth offset concerns over the pandemic, heavy insider selling, and a short seller attack.

For the 12 months ended 30 June, WiseTech Global overcame COVID-19 headwinds to deliver a 23% increase in revenue to $429.4 million and a 17% lift in earnings before interest, taxes, depreciation and amortisation (EBITDA) to $126.7 million.

Management advised that this was driven by growth from both its CargoWise platform and newly acquired businesses.

The CargoWise platform delivered a 20% increase in revenue to $263 million, whereas its newly acquired businesses generated a 29% lift in revenue to $166.4 million.

What about FY 2021 and beyond?

Pleasingly, the company is expecting its growth to continue in FY 2021.

Management provided and recently reaffirmed its FY 2021 revenue guidance of $470 million to $510 million and EBITDA guidance of $155 million to $180 million. This represents revenue growth in the range of 9% to 19% and EBITDA growth of 22% to 42%.

And looking beyond FY 2021, the company remains very positive on its long term prospects. This appears to have gone down well with the market.

At its annual general meeting, CEO Richard White commented: “Looking ahead, with penetration of automated, truly global logistics solutions still in early stages, WiseTech’s opportunity for growth is vast. We believe CargoWise is the market-leading platform for global logistics execution and is well-positioned to strengthen its position in the global market over the near-term and long-term.”

Can the WiseTech Global share price go higher?

According to a note out of Citi from last month, the WiseTech Global share price may now have peaked.

It has a sell rating and $27.70 price target on its shares. This compares to the latest WiseTech Global share price of $28.91.

More reading

• Here’s how the S&P/ASX All Technology Index fared in 2020
• The top 5 performing ASX SaaS shares of 2020
• Why AGL, Mesoblast, WiseTech, & Woodside are dropping lower
• Under attack! Why the WiseTech Global (ASX:WTC) share price is down 9%
• Why Elixinol Global, Flight Centre, Mesoblast, & WiseTech shares are dropping lower

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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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Although the share market sank lower on Wednesday, that didn’t stop a number of shares from pushing higher.

Some of those shares even managed to climb to 52-week highs or better. Three that achieved this are listed below. Here’s why they are flying high this week:

Baby Bunting Group Ltd (ASX: BBN)

The Baby Bunting share price jumped to a new record high of $5.22 on Wednesday. Investors have been buying the baby products retailer’s shares this year after its strong growth continued despite the pandemic. In October the company released a trading update which revealed that its comparable store sales growth (to 2 October) was up 17% on the prior corresponding period. Excluding stores in the Melbourne metropolitan region, the company’s comparable store sales would have been up 28.5%. Management also revealed very strong online sales and click & collect growth.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price has jumped to a new record high of $11.61 yesterday. Investors have been scrambling to buy the furniture retailer’s shares this week after it released its guidance for the first half of FY 2021. Nick Scali revealed that demand for its furniture has been very strong and that a record result is expected in the first half. The company is guiding to a net profit of $40.5 million for the six months, which will be double what it recorded in the prior corresponding period. Management also spoke positively about the future and anticipates revenue and profit growth flowing into the second half.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price was on fire on Wednesday and surged to a 52-week high of $1.01. When the lithium miner’s shares hit that level, it meant they had more than tripled in value since this time last year. Investors have been buying the company’s shares over the last 12 months after lithium prices started to rebound due to increasing demand for the renewable battery-making ingredient. More recently, on Wednesday the company revealed that it had delivered record quarterly shipments in the December quarter. Pilbara Minerals shipped 70,609 dry metric tonnes (dmt) of spodumene concentrate to offtake partners, which was ahead of guidance.

More reading

• ASX 200 drops 1.1%
• Why the Pilbara Minerals (ASX:PLS) share price jumped 8% to a 52-week high
• Why Fortescue, Nick Scali, Santos, & Zip shares are charging higher
• Insiders have been buying these ASX shares
• ASX 200 falls on Tuesday

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

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It is looking very unlikely that interest rates will be going higher any time soon.

In light of this, the Australian share market looks set to be the best place to earn a passive income for the foreseeable future.

Thankfully there are plenty of options for income investors to choose from on the ASX. Two that could be worth considering are named below:

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

The first dividend share to look at today is ANZ. While this banking giant’s shares have rebounded strongly from their COVID lows, they are still trading materially lower than their pre-COVID highs.

And while trading conditions will remain challenging, the worst of the pandemic does appear to be comfortably behind us now. Combined with the relaxing of responsible lending rules and an improving housing market, the bank’s outlook is looking significantly more positive in 2021 than last year.

In addition to this, APRA’s confidence in the strength of the banking sector has just seen it remove dividend restrictions on the banks from 2021. This bodes well for income investors.

In fact, in response to this news, Morgans is now forecasting a $1.27 per share dividend in FY 2021 and a $1.50 per share dividend in FY 2022. Based on the current ANZ share price, this represents 5.6% and 6.6% dividend yields, respectively. Morgans has an add rating and $26.00 price target on its shares.

Wesfarmers Ltd (ASX: WES)

Wesfarmers has been a positive performer over the last 12 months thanks largely to its key Bunnings business. The hardware giant has been experiencing very strong sales growth during the pandemic as consumers redirect their spending from holidays to home improvements.

The good news is that with the government providing home improvement stimulus and tax cuts, Bunnings has been tipped to continue its positive form over the coming years. These same tailwinds are expected to support its other businesses, such as Kmart, Target, and Catch.

One broker that is positive on the company is Credit Suisse. Its analysts have an outperform rating and $55.83 price target on its shares.

The broker has also pencilled in a $1.90 per share fully franked dividend. Based on the latest Wesfarmers share price, this will mean a 3.75% dividend yield over the next 12 months.

More reading

• 5 things to watch on the ASX 200 on Thursday
• ASX 200 drops 1.1%
• Wesfarmers (ASX:WES) share price just hit a record all-time high
• Here’s which ASX bank share this leading broker thinks you should buy
• Investors caught in crossfire as ASX retailers battle ASX property stocks in 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers 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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On Wednesday the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped notably lower. The benchmark index fell 1.1% to 6,607.1 points.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected rebound.

It looks set to be a much better day for the Australian share market on Thursday. According to the latest SPI futures, the ASX 200 is poised to open 129 points or 2% higher. This follows a strong night of trade on Wall Street after the Democrats came close to taking control of the Senate. In late trade the Dow Jones is up 1.7%, the S&P 500 is up 1.1%, and the Nasdaq has risen 0.3%.

Democrats on verge of Senate victories.

US stocks rose strongly overnight after vote counting in Georgia appeared to point to the Democrats winning both Senate races. This will open a path to a progressive policy switch in Washington. This is because if both Democrats win, it would mean a 50-50 tie in the upper chamber. However, with Vice President-elect Kamala Harris as the tiebreaker vote, the Democrats will effectively have control of the Senate. This outcome could allow the passing of new coronavirus relief, raising hope for the country’s economic recovery.

Bank shares given conviction buy ratings.

According to the AFR, Citi’s US bank analysts believe Australia and New Zealand Banking GrpLtd (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) shares are in the buy zone even after their strong final quarter gains. The broker has ANZ and Westpac on its conviction buy list but has downgraded National Australia Bank Ltd (ASX: NAB) to neutral after a particularly strong run. It expects the big four banks to resume paying out up to three-quarters of their profits as dividends.

Oil prices continue to rise.

It looks set to be another positive day for energy producers such as Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO) after oil prices continued to rise. According to Bloomberg, the WTI crude oil price is up 1.8% to US$50.83 a barrel and the Brent crude oil price is up 1.7% to US$54.50 a barrel. This follows a surprise production cut by Saudi Arabia.

Gold price sinks lower.

Gold miners including Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) could spend the day in the red after the gold price sank lower. According to CNBC, the spot gold price has fallen 2.2% to US$1,911.80 an ounce. This was driven by a rebound in the US Dollar and the widening of treasury yields.

More reading

• ASX 200 drops 1.1%
• ASX 200 down 0.5%: Energy shares jump, big four banks fall, Zip climbs higher
• Why Fortescue, Nick Scali, Santos, & Zip shares are charging higher
• ASX energy shares on watch after oil prices surge higher
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) dropped by 1.1% today to 6,607 points.

Over in US political news, it seems the US Democratic Party is poised to win the US senate with wins in Georgia.

Here are some of the highlights from the ASX:

Oil rises

The oil price rose after it was reported that Saudi Arabia is going to cut oil production. According to reporting by various media, such as the Australian Financial Review, Saudi Arabia is going to cut 1 million barrels of oil a day of production.

This caused the oil price to rise by around 5% to a 10-month high because the global oil market will receive less supply than what was expected.

The best-performing business ASX 200 share was Oil Search Ltd (ASX: OSH). The Oil Search share price went up by 5.7%. Other oil producers also climbed today. The Beach Energy Ltd (ASX: BPT) share price went up around 2%. The Woodside Petroleum Limited (ASX: WPL) share price rose by 1.7%. Finally, the Santos Ltd (ASX: STO) share price rose by around 2%.

Biggest market risers

Other than Oil Search, there were a few other businesses that rose by more than 4%. One of the best performers was the Pilbara Minerals Ltd (ASX: PLS) share price which saw an increase of around 7%.

Another one in the green was the IGO Ltd (ASX: IGO) share price which went up by 4.4%. The Genesis Energy Ltd (ASX: GNE) share price went up by 4.4%. The Contact Energy Limited (ASX: CEN) share price grew by around 4%.

Within the ASX 200, Oil Search and IGO were the best performers. The Worley Ltd (ASX: WOR) share price went up 3.6%, the AMP Limited (ASX: AMP) share price went up 2.3% and the Incitec Pivot Ltd (ASX: IPL) share price rose by 2.2%.

Biggest market declines

Many of the ASX 200’s biggest businesses declined today. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price fell 0.8%, the BHP Group Ltd (ASX: BHP) share price fell 0.2%, the Commonwealth Bank of Australia (ASX: CBA) share price declined 0.4%, the CSL Limited (ASX: CSL) share price declined 2.5%, the National Australia Bank Ltd (ASX: NAB) share price dropped 1.2%, the Rio Tinto Ltd (ASX: RIO) share price fell 1.7% and the Wesfarmers Ltd (ASX: WES) share price declined 1.5%.

The biggest declines in the ASX 200 were all more than 4.5%. The Nanosonics Ltd (ASX: NAN) share price dropped 7.1%, the Polynovo Ltd (ASX: PNV) share price fell 6.4%, the Bravura Solutions Ltd (ASX: BVS) share price dropped 4.7%, the Megaport Ltd (ASX: MP1) share price dropped 4.7% and the Premier Investments Limited (ASX: PMV) share price went down 3.1%.

More reading

• 2 fantastic ASX mid cap shares to buy
• Why the Pilbara Minerals (ASX:PLS) share price jumped 8% to a 52-week high
• Goldman points to commodities super-cycle: Which ASX mining shares will benefit?
• Why a2 Milk, AVZ Minerals, Nanosonics, & Premier Investments are dropping lower
• What strong jobs data means for ASX 200 shares

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd., Nanosonics Limited, and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd and Premier Investments Limited. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended MEGAPORT FPO and Nanosonics 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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