Like GameStop but radioactive: Uranium next in line for meme-stock treatment – By Sophie Mellor (Fortune) / Sept 14 2021
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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 past 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 would be necessary to achieve the country’s net-zero goals.
CONTINUE > https://fortune.com/2021/09/14/uranium-miners-reddit-wallstreetbets-meme-stock-treatment/
