Why Cameco Stock Just Popped

Why Cameco Stock Just Popped

Nuclear power is looking like a more attractive alternative to relying on natural gas from Russia right now.

What happened

At approximately 10 p.m. ET Wednesday, Russia launched a major military assault on its neighbor Ukraine — and all of a sudden, Europe’s policy of depending on Russia to supply much of the natural gas it uses for heating homes and generating electricity is seeming less prudent.

One stock benefiting from this realization is Cameco ( CCJ 8.38% ), one of the world’s biggest miners of uranium used in nuclear power plants. As of 2:15 p.m. ET Thursday, Cameco shares were up 6.7%. So what This was a natural reaction on investors’ part. As the BBC pointed out in an article published Thursday, Russia supplies around 40% of the natural gas that the European Union imports.Much of that supply is now at risk due to the ongoing hostilities: Two of […]

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