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MDR

Companies tied to the nuclear power industry were in focus for much of Monday’s trading session, as an upbeat earnings report from bellwether uranium miner Cameco (CCJ) helped to boost the fortunes of the sector and send shares of the Canadian company higher by more than 7% on the day. The company posted EPS of just 20 Canadian cents a share, which represents a four cent decline from the same period a year ago. Revenues were also down at the mining giant–off by close to 24%–but the company managed to rally on hopes of solid uranium sales to close out the year and robust demand despite price increases for the element. “The uranium spot price has increased 10.6 percent to $57.50 per pound over the weekend,” said Macquarie analyst Duncan McKeen, in a note to clients. “This significant increase follows a number of weeks of upward movement to the spot price.” [click to continue…]

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