It rebounded sharply on Thursday and Friday. In an interview with Canada's BNN network this week, Cameco CEO Tim Gitzel said that "we've heard some encouraging words from the Trump team on nuclear power. We're optimistic that will help our nuclear industry. The biggest winners and losers from Trumponomics. So far, Trump hasn't said much about investing in nuclear power since the election.
His most notable comment about nuclear energy was actually a tweet about nuclear weapons a few days before Christmas.
Uranium stocks are booming, thanks to Trump - Jan. 20,
Trump wrote that "the United States must greatly strengthen and expand its nuclear capability until such time as the world comes to its senses regarding nukes. Trump's energy secretary nominee Rick Perry, the former governor of oil-rich Texas, hasn't talked much about nuclear power either. But investors are clinging to the hope that Trump is pro-nuclear power, partly because of comments he made nearly six years ago after the meltdown at Japan's Fukushima Daiichi plant in March after an earthquake hit the area.
If you get into an auto crash people keep driving. Bloomberg also reported last month that members of Trump's transition team have reached out to the Energy Department about finding ways to help keep more nuclear power plants running.
Several large plants have already closed. And Entergy ETR recently reached an agreement with New York state to shut down the Indian Point nuclear power plant near New York City by So the fact that Trump appears to be committed to keeping the industry alive is being viewed as a significant win by investors.
But the uranium industry is as volatile as some of the compounds derived from the radioactive element. Investors need to be careful. Many of the top holdings in the uranium ETF, which also includes NexGen NXGEF and Denison Mines DNN , are relatively small penny stocks.
And even if Trump does wind up committing to more investments in nuclear energy, it's unlikely that he's going to abandon traditional fossil fuels.
In fact, many oil stocks have rallied since Trump beat Hillary Clinton on the hopes that Trump will pursue policies that are favorable for the likes of ExxonMobil XOM , Chevron CVX and U. Exxon playing catch-up in shale oil business. Trump's selection of former ExxonMobil CEO Rex Tillerson to be his secretary of state has made oil investors even more excited about the prospects for more domestic drilling in the next few years.
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