Uranium stocks rally as spot prices hit highest level this year
Investors are piling into the Australian sharemarket’s uranium sector in an attempt to front-run a spike in prices as the world’s largest physical uranium fund readies a war chest to splurge on the nuclear fuel.
Uranium stocks – among the most shorted stocks on the ASX – have roared higher this week after Toronto-based asset manager Sprott announced it sold $US100 million ($153 million) worth of units in its physical uranium trust to broker Canaccord Genuity.
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