Uranium stocks soar on bullish Goldman Sachs call, Kazakhstan flooding

  • 📰 mining
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

No 1 source of global mining news and opinion

Uranium stocks are having their best run in months on a combination of flooding in Kazakhstan, the world’s largest producer of the nuclear fuel, and a burst of bullish coverage from banks including Goldman Sachs Group Inc.

But this week, the stocks saw an added influx of demand. The $3.2 billion Global X Uranium ETF is up about 6.5%, for its best week since early February. The fund has benefited from gains in NuScale Power Corp., a nuclear power company trying to build small modular reactors, and small-cap miners including Mega Uranium Ltd. North America’s largest uranium miner, Cameco Corp., has climbed 15% this week, adding C$1.7 billion in market value.

“Goldman’s initiation opens the whole universe up,” said Michael Alkin, chief investment officer at Sachem Cove Partners. He started his fund, which invests in uranium miners and also in physical uranium, in 2018, at a time when he said the sector garnered little attention.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 449. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. stocks have ‘limited upside' from here, says Goldman Sachs Asset ManagementU.S. stocks have “limited upside” from here and investors should be looking for better opportunities elsewhere, according to Goldman Sachs Asset…
Source: NBCLA - 🏆 319. / 59 Read more »