The price of Uranium has increasingly been bouncing back from a February correction with a gain of 11.0% in the last month, including a rise of 6.7% in the last week. Boosted by a price resurgence, Uranium producing stocks have also been recovering from a winter correction and moving back up in relative strength rankings.
Yesterday, by jumping 24 spots to 13th position, Cameco Corp. (CCO.TO) has climbed up out of the red zone and returned to the Green Favored Zone of the SIA S&P/TSX 60 Index Report for the first time in about six weeks, confirming renewed interest in both the stock and the sector. During its previous 9-month run in the Green Favored Zone from May 2023 to February 2024, Cameco gained 46.5% while the S&P/TSX Composite rose 5.3% over the same period.