Uranium stocks take hit following update
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The share price of several Australian uranium companies fell on Friday, following a production update from Canada's leading entity, Cameco.
Australian companies had been riding high following the news that Kazahkstan-based Kazapromtom, the world's largest uranium producer, had reduced its annual production guidance, due to a sulphuric acid shortage.
On Thursday, Bannerman Energy's stocks to rose to $3.95, their highest price since 2011.
However news today that Cameco, a fellow global uranium superpower, intends to increase its 2024 production guidance in a bid to capitalise on a surging uranium spot price, presently $US99.50 per pound, impacted local share prices.
Bannerman ended trade on Friday down 11 per cent at $3.51 per share - while Deep Yellow, Boss Energy, Paladin Energy and Peninsula Energy also dipped.