Why Uranium Stocks Fell Sharply on Thursday

What happened?

The shares of some popular Canadian uranium companies fell sharply on Thursday, reversing their gains from the previous couple sessions. Energy Fuels (TSX:EFR) , Denison Mines (TSX:DML) (NYSE:DNN), and Nexgen Energy (TSX:NXE) (NYSE:NXE) dived by nearly 9% each on January 6, making them some of the worst-performing stocks on the TSX Composite benchmark for the day. By comparison, the main Canadian stock market index ended the session with minor 0.2% gains. So what?

Yesterday’s sharp selloff in uranium stocks is worth noting, because most of these companies started the new year 2022 on a strong bullish note. For example, Denison Mines stock was trading with 14.4% year-to-date gains prior to Thursday’s sharp decline. Similarly, the shares of Energy Fuels and Nexgen Energy had jumped by 13.4% and 12.1%, respectively, in the first couple of days of the year. In order to understand the recent uranium stocks selloff, […]

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