But this week, the stocks saw an added influx of demand. The $3.2 billion Global X Uranium ETF rose about 6%, for its best week since early February. The fund has benefited from gains in NuScale Power Corp., a nuclear power company trying to build small modular reactors, and small-cap miners including Mega Uranium Ltd. North America’s largest uranium miner, Cameco Corp., climbed 14% this week after Goldman initiated it with a buy rating.
The latest advance in the uranium ETF gained steam early in the week as reports of flooding in Kazakhstan boosted shares of competing miners, and following Goldman’s April 1 call on Cameco. Goldman analyst Neil Mehta said global uranium demand could grow by as much as 60% by 2040.
“Goldman’s initiation opens the whole universe up,” said Michael Alkin, chief investment officer at Sachem Cove Partners. He started his fund, which invests in uranium miners and also in physical uranium, in…
