Aussie uranium stocks soar, tracking Canada-listed peers

Elevate Uranium

09/01/2023 05:13

** Shares of Australia-listed uranium miners leaped,
tracking Friday's gains by industry bellwethers listed in
Toronto 
    ** ASX-listed Paladin Energy  PDN.AX  soars as much as 10.3%
to A$0.75, its best intraday gain since Aug. 30, 2022
    ** Elevate Uranium  EL8.AX  advances as much as 14.9%, A-Cap
Energy  ACB.AX  rises 14.3%, Deep Yellow  DYL.AX  up 6.1% 
    ** On Friday, Toronto-listed uranium majors Cameco Corp
 CCO.TO  and Nexgen Energy  NXE.TO  closed up 5.8% and 3.1%
respectively 
    ** Sprott Physical Uranium Trust (SPUT)  U_u.TO , a
uranium-backed trust trading on the Toronto Stock Exchange,
traded above its net asset value for the first time since
mid-November 2022
    ** Morningstar analyst Jon Mills says investors are likely
assuming higher uranium spot prices will result from SPUT
potentially issuing more units of the fund, for which it will
have to buy more uranium 
    ** Uranium is used in the production of nuclear energy and
has been in focus in recent years as countries pivot away from
fossil fuels and towards cleaner energy sources 
 (Reporting by Harshita Swaminathan and Harish Sridharan)
 ((Harshita.Swaminathan@thomsonreuters.com))