Uranium Stocks Jump As China Nears Announcement On Nuclear Safety Plan (CCJ, URG, URRE, UEC, URZ, PALAF, USU)
Shares of Cameco (CCJ), the largest North American uranium producer, are up 1% due in part to news that China’s National Nuclear Safety Administration may be finished drafting the country’s nuclear safety plan in August. The plan would then be submitted to China’s State Council for approval. China Daily reported the news, citing the China Securities Journal.
Investors in the beleaguered uranium sector appear to like the news as the Uranium Stocks Index is up 1.1%. The news out of China may be a catalyst, but some positive analyst comments on uranium prices and equities are likely playing a role as well.
In an interview with “The Energy Report,” Versant Partners analyst Rob Chang offered up some bullish comments on the uranium sector. Noting that Germany’s recently announced plan to reduce its nuclear power profile over the next decade lacks clarity, Chang said the price of uranium has nowhere to go but up. Spot uranium prices tumbled in the wake of the March earthquake that ravaged Japan causing an unprecedented nuclear fallout.
Chang said there is “significant value” in some uranium stocks that were on an upswing prior to the Japan earthquake and that as the price of uranium goes higher, the stocks will follow.
Ur-Energy Inc. (URG) is leading the Index higher today with an 8% surge while Uranium Resources (URRE) is soaring 4%. Uranium Energy (UEC) is up 2% and Uranerz Energy (URZ) is fractionally higher. Paladin Resources (PALAF) and USEC (USU) are both down 3%.
Investors can track the Uranium Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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