Like GameStop but radioactive: Uranium next in line for meme-stock treatment

Like GameStop but radioactive: Uranium next in line for meme-stock treatment

Retail traders from Reddit’s WallStreetBets flocked to uranium mining companies on Monday amid a price rally in the radioactive material, as investors bet that the nuclear fuel would become a central tool in the decarbonization of the world’s energy systems. In Australia, Sydney-listed uranium miners Peninsula Energy, Energy Resources of Australia and Bannerman Energy, jumped by 40% over the last several days. In London, miner Aura Energy jumped more than 75% and Yellow Cake, a company that acts as an exchange-traded fund for uranium, rose 15%. Over in New York, uranium futures have been at their highest level in seven years, surging 40% over the past month to $42.40. And in Asia, shares in Japanese utilities TEPCO, Kansai and Shikoku Electric Power rose sharply after Fumio Kishida, the leading contender to become the country’s next prime minister, U-turned on his position on nuclear power and noted the energy source […]

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