Uranium Stocks Plummeting on Nuclear Fallout Concerns

Following the turmoil in the Russia/Ukraine war, Uranium is the newest commodity that has been directly affected. Europe’s largest nuclear power plant based in Ukraine was under attack today from Russian troops which resulted in the plan catching fire.

Ukrainian President Volodymyr Zelensky shared a video an explosion over the Zaporizhzhia nuuranium-stocks-plummeting-on-ukraine-concernsclear power plant in the country’s southeast. Ukraine’s Foreign Minister Dmytro Kuleba said if it blows up, “it will be 10 times larger than Chernobyl”.

This escalation in conflict has seen many major uranium stocks taking a massive downturn during trading today. Well known companies such as Paladin Energy (PDN) and Boss Energy (BOE) fell as much as 25% during trading.

The reason for this of course is due to the potential global impacts a nuclear meltdown could have on energy markets. The uncertainty and negative sentiment around this event also brought down the nuclear energy index by 1%. Further to this, investment in renewable indices, specifically for wind energy and solar energy also dropped more than 2% and 1% respectively.

Boss Energy shares fell more than 17% to a low of $2.16 at around noon but recovered slightly to end the day down 15% at $2.28 a share.

Uranium investors will be watching these events closely and the potential flow-on effects that they will have on the global energy market.