Why Uranium Stocks Climbed Higher on Wednesday

Uranium stocks including Cameco (TSX:CCO) (NYSE:CCJ) and NexGen Energy (TSX:NXE) continued to climb on Wednesday. Cameco stock reached 10% higher in early-morning trading, with NexGen adding another 12% after its climb the day before. What happened?

There has been a lot of news coming in related to uranium stocks, affecting these massive uranium powerhouses. This includes a massive acceptance of the renewable power in Europe, followed by talks with Iran moving forward. That’s on top of the United States already stating it would spend money on nuclear facilities.

This led to some analysts renewing their targets for uranium stocks like Cameco and NexGen. Sprott Asset Management’s CEO John Ciampaglia recently stated the area should see “enormous growth” in 2022 and beyond.

And it’s not just countries getting on the energy product. Bill Gates and Warren Buffett recently announced a plan to build a US$1 billion reactor to replace a Wyoming coal […]

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