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Investing.com -- Nuclear and uranium shares have advanced in premarket trading on Wednesday as investors bet on the sector benefiting from rising trade tensions between the U.S. and China.
According to analysts at B. Riley, U.S. national security priorities could continue to drive gains in nuclear-related equities.
“On the nuclear fuel front, the administration has made it clear that it wants to strengthen the supply chain, likely benefiting our uranium mining companies (UUUU, EU, URG) and Centrus (LEU), which seeks to restore domestic enrichment capabilities,” the analysts wrote in a note to clients.
The U.S. has been increasing efforts to secure key energy and technology supply chains amid heightened geopolitical competition with Beijing.
Analysts believe nuclear power and uranium mining companies are likely to see fresh momentum as Washington looks to reduce reliance on foreign fuel sources.
In early trading, Centrus Energy gained 7.8%, Lightbridge climbed 7.1%, and NuScale Power rose 6.3%. Oklo added 5.9%, while Nano Nuclear Energy advanced 5.2%.
Uranium miner enCore Energy has moved sharply higher, jumping 9.8% after announcing the discovery of new uranium mineralized roll fronts at its Alta Mesa In-Situ Recovery uranium project.