Comment: Look at the following statement which defines all nukes to me: "Tepco to junk status"! Hope the price of uranium falls in the uranium mining pits!Jonathan Ratner
May 30, 2011 – 9:09 AM ET
Last Updated: May 30, 2011 2:03 PM ET
The uranium sector came under some selling pressure on Monday after Germany announced it will shut down all of its nuclear reactors by 2022, reversing a nuclear energy policy put in place in October 2010.
Cameco Corp. fell 2.65%, or 75¢, to $27.55 in morning trading, despite a slight gain for the S&P/TSX composite index. Paladin Energy Ltd. declined 3.5%, Denison Mines Corp. fell 2.6% and Uranium One Inc. dipped 2.11%.
Germany’s decision comes as Tokyo Electric Power Co. has still not decided how to deal with the Fukushima nuclear power plant site, where radioactive soil pockets have reportedly reached the same level as Chernobyl, and as political pressure continues to mount against nuclear energy.
Many countries have announced in-depth safety reviews of their nuclear reactors, placing moratoriums on any new plants in the near-term.
Shares of French nuclear reactor maker Areva fell more than 4%, or €1.25, to €29.00 in their first day of trading on NYSE Euronext in Paris on Monday.
Saskatchewan-based Cameco, one of the world’s largest publicly-traded uranium companies, has fallen 22% since the massive earthquake and tsunami hit Japan on March 11, 2010, causing at least three nuclear reactors to suffer explosions.
Smaller uranium stocks such as Uranium One Inc. and Denison Mines Corp. have fared worse, falling 36% and 28%, respectively.
Meanwhile, Standard and Poor’s lowered its rating on Tepco to junk status. However, the debt rating agency said a restructuring of the utility’s bank debt is more likely that a default.
http://business.financialpost.com/2011/05/30/uranium-sector-in-focus-as-german-goes-anti-nuclear/
