It has been a great finish to the week for owners of ASX uranium stocks.
On Friday, this side of the market is glowing like plutonium with strong gains being recorded across the board.
ASX uranium stocks rocket
Here's a summary of how a number of ASX uranium stocks are performing today:
- The Alligator Energy Ltd (ASX: AGE) share price is up 15% to 3 cents
- The Bannerman Energy Ltd (ASX: BMN) share price is up 9% to $2.76
- The Boss Energy Ltd (ASX: BOE) share price is up 12% to $3.97
- The Deep Yellow Ltd (ASX: DYL) share price is up almost 9% to $1.25
- The Lotus Resources Ltd (ASX: LOT) share price is up 9% to 18.5 cents
- The Paladin Energy Ltd (ASX: PDN) share price is up 7% to $5.80
Why are they rocketing?
Investors have been fighting to get hold of uranium stocks today after the industry was given a major boost.
According to Reuters, U.S. President Donald Trump is expected to sign executive orders on Friday that aim to jumpstart the nuclear energy industry.
Trump is expected to do this by easing the regulatory process on approvals for new reactors and strengthening fuel supply chains.
The report notes that in response to the first rise in power demand in two decades from the boom in artificial intelligence, President Trump declared an energy emergency on his first day in office. The report states:
A draft summary of the orders said Trump will invoke the Cold War-era Defense Production Act to declare a national emergency over U.S. dependence on Russia and China for enriched uranium, nuclear fuel processing and advanced reactor inputs.
The summary also directs agencies to permit and site new nuclear facilities and directs the Departments of Energy and Defense to identify federal lands and facilities for nuclear deployment and to streamline processes to get them built. It also encourages the Energy Department to use loan guarantees and direct loans to increase the build out of reactors. Trump only used the Loan Programs Office in his first administration to support a large nuclear plant in Georgia.
This could be very good news for uranium demand and could give prices a boost in the coming years.
Should you invest?
While short sellers are betting heavily against ASX uranium stocks, there are a number of brokers that think investors should be taking the other route.
For example, Bell Potter recently put a buy rating and $4.65 price target on Boss Energy's shares and a buy rating and $1.45 price target on Deep Yellow's shares.
The post Why are ASX uranium stocks rocketing today? appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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