Shares of uranium mining companies surged Monday as retail traders from Reddit’s WallStreetBets forum focused their energies on the rallying radioactive metal. Companies tied to uranium in Australia and the U.K. powered higher Monday, while shares of U.S.-listed companies also rose.
Sydney-listed uranium miners Peninsula Energy Ltd. , Energy Resources of Australia Ltd. and Bannerman Energy Ltd. all closed more than 25% higher. U.K.-listed miner Aura Energy Ltd. jumped more than 35% and London-listed Yellow Cake PLC, a company that acts as an exchange-traded fund for uranium, rose 13%.
Meanwhile, Canada’s Cameco Corp. has become the third-most-discussed company on WallStreetBets, after tech giants Apple Inc. and Alibaba Group Holding Ltd., according to SwaggyStocks, a website that tracks mentions of ticker symbols on the forum.
New York-traded shares of the uranium miner surged in premarket trading before ending the day up 0.1%. Uranium Royalty Corp. shares surged 24%. Recent posts on WallStreetBets, the message board at the heart of the meme-stock frenzy earlier this year, have put forward bullish arguments in favor of uranium prices and related mining stocks, complete with the forum’s typical mix of memes and humor.
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