Oil prices have jumped more than three percent on the back of another snag in negotiations between the US and Iran.
Donald Trump has taken to social media to call Iran's response to a US 14-point memorandum 'totally unacceptable'.
Brent crude is now trading at more than 104 US dollars a barrel.
Harbour Asset Management's Shane Solly explained further.
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Episode Transcript
Not Heather, due to see give you the numbers.
Speaker 2 (00:02):
Ins it X fifty up zero point two seven percent today,
A six fifty down zero point six eight percent so
far today, a barrel of Brent crude oil is now
costing one hundred and five US dollars. That's up four
percent just today. One New Zealand dollar is worth fifty
nine US cents, eighty two IZI cents, fifty one eurosins
forty four UK pence and ninety three en. It's nineteen
past six and Shane Sally Harbor Asset Management is with
(00:23):
us ALO. Shane. Hey, Heather Well, I can see how
the price of oil reacted to the no deal announcement.
Speaker 1 (00:30):
Yeah, we're getting used to this sort of no war
piece Middle of East conflict. But yeah, we did see
the oil price had traded down late last week, has
had bond yields on the basis that we were coming
into potential for a peace office. So this latest rejection
by mister Trump, certainly the market's taking a little bit negatively.
In Asia, pack markets down except for China, which is
actually up on anticipation of this positive summit that's coming
(00:54):
up between China and US. Locally as you said, our
sheer market actually had a bit of a balance, but
it actually traded lower all day. Probably the call out
there was Infratol up to an all time high of
fifteen dollars seventy three. Quite stunning that stock with sort
ten bucks probably six months ago. Futures, US futures what
the markets are indicating, and they'll be down slightly tonight,
(01:15):
but I will let's just wait and see on that one. Now.
Speaker 2 (01:18):
I see Pacific Edges announced to capital raise today. What
are they going to use the money for?
Speaker 1 (01:22):
Yeah, a specific edge. It's cancer detection monitoring, particularly prostate cancers.
They've raised twenty four million dollars seventeen cents per year.
That's about two percent below where it closed on Friday.
The money is being used to get the business ready
to get US Medicare coverage again. US Medicire is obviously
a government insurance package, and so they've been working to
(01:44):
get reimbursement for its tests for the doctor and use
their test and government pays for the test. So that's
been a big deal. They're getting closer to getting that
approval and if they do then that they're expecting something
before September. So yeah, they've raised the capital to get
there business ready to go in terms of sales team
and production and so forth.
Speaker 2 (02:03):
How did the market react, by the way to rocket
Lab last week.
Speaker 1 (02:07):
Yeah, see, we were a priced blasted off. It was
up thirty four percent on Friday to one hundred and
five dollars US or slightly more of that. And I
think there's a few things behind that. They beat revenue
expectations that are revenues up sixty percent plus year or
a year. But what they talked about is they've got
a two point two billion dollar pipeline of potential launches
to go. They've guided to revenue for the second quarter
(02:30):
between two hundred and twenty five million US to two
forty in US. That's well above the expectations of two
in a mill And they signed a massive contract. They
obviously can't tell us who it is, but it's the
biggest ever in So Peter Beck, he's pretty abiliant on
the analyst call. Demand signal was clear, and he's talking
about their relentless launch process they're going through to meet
(02:50):
that requirement. So yeah, pretty positive from the rocket Lab team.
Speaker 2 (02:55):
Yeah, good, Shane, Thank you very much, appreciate it. Shane
Sally Harbor Asset Management. For more from Heather Duplessy Allen Drive,
Listen live to News Talks it B from four pm weekdays,
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