Uranium Surge: Cameco Stock Jumps 11% on U.S. Strategic Stockpile Expansion and European Deal

Cameco Corporation's stock soared nearly 11% following dual catalysts: the U.S. government's plan to bolster its uranium stockpile and a new supply agreement with Slovakia's Slovenské elektrárne. Energy Secretary Chris Wright emphasized the MOVE as critical for reducing reliance on Russian uranium, which currently supplies 25% of U.S. enriched uranium needs.

The Biden administration views nuclear energy as a cornerstone of its energy policy, with Wright forecasting increased uranium demand from both traditional reactors and emerging small modular reactors. "We need a lot of domestic uranium and enrichment capacity," he stated, signaling long-term support for the sector.

Concurrently, Cameco secured a strategic foothold in Central Europe through its deal with SE. While financial terms remain undisclosed, the agreement underscores Cameco's positioning as a key global uranium supplier amid growing nuclear energy adoption.