Australian uranium stocks rise after report of Biden's push to bolster domestic supply

Peninsula Energy

08/06/2022 04:55

** Shares of ASX-listed uranium miners jump, driven by a
surge in spot prices, with Paladin Energy  PDN.AX  rising up to
14.2% to A$0.805
    ** According to media report https://bloom.bg/3Q2WjIh, U.S.
President Joe Biden is seeking $4.3 bln in funds to purchase
enriched uranium and otherwise develop the domestic uranium
industry to wean off Russia supply
    ** The Global X Uranium ETF  URA.P , an exchange-traded fund
focused on the industry, jumped 3.5% overnight  urn:newsml:reuters.com:*:nL1N2XU1WX
    ** Paladin Energy eyes its best day since April 8 and is
among the top performers in the benchmark ASX 200 index  .AXJO ,
which is up 0.5%
    ** Shares of uranium-focused Boss Energy  BOE.AX  gain 12.8%
to A$2.47, their sharpest intraday gain since March 9
    ** Other uranium explorers Deep Yellow Ltd  DYL.AX  and
Peninsula Energy Ltd  PEN.AX  advance 11.1% and 22.9%,
respectively
    ** Demand for uranium has risen since mid-2021 as countries
aim to move back to nuclear power as a source of carbon-free
energy to tackle climate change  urn:newsml:reuters.com:*:nL5N2XC0CI
    ** PDN, BOE, DYL and PEN are down between 19.9% and 2.7%
this year, as of last close
    

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))