Sprott Fund’s Buying Spree Propels Uranium Stocks to Decade High
- Cameco, Denison, NexGen retreat after jumping earlier
- Sprott is the driving force behind the surge: Morgan Stanley
Photographer: Norm Betts/Bloomberg
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Uranium stocks surged to their highest levels in a decade, before paring their gains on Monday, amid a buying frenzy by Sprott Physical Uranium Trust that’s seen it amass millions of pounds of the commodity used to power nuclear reactors.
The world’s second-largest uranium producer Cameco Corp. fell 0.8%, erasing earlier advance of as much as 8.5% in Toronto, highest intraday since March 2011. Other uranium-linked stocks pared their earlier gains including Denison Mines Corp. and NexGen Energy Ltd.