CAPITAL MARKETS

Sunny day for yellowcake stocks

Uranium stocks have enjoyed a positive period on the markets in the wake of Kazakhstan’s state-run uranium miner Kazatomprom’s plans to cut production 20% over the next three years.

Staff reporter
 Equities rise following Kazatomprom’s planned production cuts

Equities rise following Kazatomprom’s planned production cuts

In North America, miner Cameco Corp (CN:CCO) rose 12.87% and uranium explorer Denison Mines (US:DNN) shot up just over 15% yesterday, while Toro Energy (AU:TOE) which is advancing its Wiluna uranium project gained more than 18% in Australian trade today.

Still in the land down under, Australia's official interest rate was left unchanged today by the Reserve Bank, which said the outlook for non-mining business investment had further improved.

The benchmark S&P/ASX200 closed slightly lower with two lithium stocks posting some of the biggest daily declines.

Producer Galaxy Resources (AU:GXY) was eased 6.01% after yesterday's news of doubling its James Bay resource, while Orocobre (AU:ORE) lost 3.56% after yesterday announcing a high grade brine interval at its Cauchari joint venture in Argentina.

Meanwhile in London, the FTSE100 closed higher yesterday as a Brexit breakthrough failed to materialise largely due to the issue of the Irish border.

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