CAPITAL MARKETS

Uranium stocks, zinc gain

Stocks were up in Toronto after the Thanksgiving break and uranium equities were back in favour as the yellowcake spot price approached US$40 a pound again.

Staff reporter
 The Sprott Physical Uranium Trust has continued its buying spree

The Sprott Physical Uranium Trust has continued its buying spree

Fission Uranium Corp (TSX: FCU) - which has the Patterson Lake South uranium project in Saskatchewan - led gains as it closed up 30.8%.

The uranium spot price rose more than 2% to $39.70/lb, having neared a nine-year high around $50/lb last month.

The Sprott Physical Uranium Trust has continued its buying spree, saying last week its holdings exceeded 30 million pounds.

Its shares (TSX: U.U) rose 6.8%.

Zinc reached its highest point since March 2018 on the London Metal Exchange, up more than 1% to $3,263.60 per tonne.

"Zinc has been the outperformer so far this month, last night closing up 8.1% month to date," Marex's Al Munro said from the LME desk.

Gold was up slightly to $1,760 an ounce on the spot market as inflation worries resurface.

Barrick Gold gained 0.78% in Toronto, copper producer Antofagasta rose 1.5% in London and Rio Tinto lost 1.88%.

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