Uranium mining stocks surge as Putin hints at export restrictions

Uranium mining and processing stocks, along with an exchange-traded fund, surged on Wednesday following a Reuters report that Russian President Vladimir Putin suggested Russia may restrict exports of uranium, titanium, and nickel in response to Western sanctions over the invasion of Ukraine.

Canada’s Cameco Corp. saw its shares jump 6.4%, while NexGen Energy climbed 4.3%, and Denison Mines rose 5.4%, all in U.S. trading. Cameco leads the group with a market capitalization of $16.5 billion, followed by NexGen at $3.1 billion and Denison at $1.3 billion.

Uranium Energy Corp., with a market cap of $1.9 billion, surged 7.3%, while Centrus Energy, a U.S.-based supplier of enriched uranium valued at $590 million, gained 8.4%.

The Global X Uranium ETF advanced 4.4%, and the Sprott Nickel Miners ETF rose 2.4% in response to the potential export restrictions.Vladimir Putin suggested that Russia may impose restrictions on exports of key commodities, including uranium, in retaliation against […]

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