Uranium Energy (UEC) Jumps 14% on US Govt $80-Billion Nuclear Backing

We recently published 10 Stocks Soaring by Double Digits; Uranium Stocks Leading. Uranium Energy Corp. (NYSEAmerican:UEC) is one of the top-performing stocks on Tuesday.

Uranium Energy jumped by 14.34 percent on Tuesday to finish at $15.23 apiece as investors gobbled up shares in uranium stocks following the US government’s $80 billion investment to unleash the American energy sector.

Uranium Energy Corp. (NYSEAmerican:UEC) rallied alongside its counterparts, Denison Mines, NexGen Energy, and Energy Fuels, after the Trump administration clinched a billion-dollar partnership with Cameco Corp., Brookfield Asset Management, and Westinghouse Electric Company to accelerate the deployment of nuclear power through the development of new reactors across the US.

Uranium companies stand to benefit from the development, with uranium fuel vital in running nuclear power plants.

In other news, Uranium Energy Corp. (NYSEAmerican:UEC) recently raised $30 million through the issuance of new shares. Proceeds from the offer were allocated for the development of a new, state-of-the-art American uranium refining and conversion facility through its wholly owned subsidiary, United States Uranium Refining & Conversion Corp., as well as for general corporate and working capital purposes.

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Disclosure: None. This article is originally published at Insider Monkey.