Have you been following the Uranium price?
It’s moved roughly to a decade high (see pic below), lifting around 5% after a steady run.
According to price monitor Numerco, U3O8 – or yellowcake – is trading at US$62.25/lb.
We’re seeing some money flow back into U stocks as well, including our portfolio company ASX:T92.
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Strong rallies from iron ore, coal and uranium producers overshadowed a surprise rebound in jobs data to lift the sharemarket higher on Thursday.
The S&P/ASX 200 gained 32 points, or 0.5 per cent, to 7186. The All Ordinaries also rose 0.5 per cent.
Materials stocks rallied 1 per cent off the back of strong iron ore prices. BHP rose 1.1 per cent to $44.29, Fortescue Metals 3.4 per cent to $20.26 and Rio Tinto jumped 2.2 per cent to $115.85.
Uranium producers charted higher. Paladin Energy jumped up 3.9 per cent to 93¢, Deep Yellow gained 8.3 per cent to $1.05 and Boss Energy jumped 8.8 per cent to $4.32.
Coal producers also jumped. Yancoal rose 2.3 per cent to $5.02, Whitehaven gained 3.4 per cent to $6.37 and New Hope addded 2.5 per cent to $6.09.
Fletcher Building, which traded ex-dividend as of Thursday, was among the worst performing on the benchmark, down 4.4 per cent to $4.12.
In corporate news, Myer Holdings gained 1.6 per cent, after meeting its sales and profit guidance in its latest full-year report.
The department store declared a final dividend of 1¢, down from 2.5¢ last year
Starpharma retreated 6.3 per cent to 15¢ after positive interim results for the company’s cancer drug sent the shares up 20 per cent a day earlier.
Downer EDI rose 1.4 per cent to $4.22 after securing a new contract from the Australian Defence Force valued at up to $750 million.
Metgasco surged 33.3 to 1.2¢. The small-cap oil and gas explorer has commenced production from the Odin-1 gas well at its joint venture project in South Australia’s Cooper Basin.