Oceanus: China has halted imports of rock lobsters from Australia because both countries do not have a trade agreement. Portside rock lobster prices have halved since the ban.
In 2008, Australia accounted 32% of frozen lobster imports and 61% of live or fresh lobster imports to HK and China…
Possible spill over impact on Oceanus, which recently bought a 6.5% stake in Lobster Harvest for A$1m. Oceanus will also invest A$2m in 2 50/50 JVs in China and Spore to conduct R&D on slipper lobster pdtn for eventual commercialization.
Technically, stock price is exhibiting a bearish breakdown after breaching the previous $0.30 support. While indicators appear oversold, downside momentum could continue till $0.265 levels.