CCJ - Why Cameco Stock Soared 31% in July
2023-08-08 15:58:32 ET
Extending the 12.5% rise they experienced in June, shares of uranium company Cameco (NYSE: CCJ) soared even higher last month. Investors chose to power their portfolios with Cameco after learning that interest in nuclear power is growing in Canada and the United States. Additionally, Cathie Wood's Ark Autonomous Technology & Robotics ETF repeatedly picked up shares of Cameco.
According to data provided by S&P Global Market Intelligence , shares of Cameco rose 31% in July.
Expressing a renewed interest in nuclear power, Canada plans to build several new nuclear power plants in Ontario. According to an article published by Reuters on July 7, three small modular reactors (SMRs) will be situated in Ontario, with operations expected to begin between 2034 and 2036. This complements the SMR already in development in Ontario, which is expected to be completed in 2028.
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Why Cameco Stock Soared 31% in July