2 ASX uranium shares added to the ASX 300 today

Uranium shares Boss Energy Ltd (ASX: BOE) and Deep Yellow Ltd (ASX: DYL) were added to the ASX 300 today.

Boss shares lifted 5.9% to a high of $2.67 a share in intraday trading, finishing the day 2.38% higher at $2.58 a share.

Meantime, the Deep Yellow share price gained 3.9% at one stage, touching $1.065 before closing the day 0.49% lower at $1.02.

Let’s delve into this news in a little more detail.

Quarterly rebalance

Boss and Deep Yellow are among 16 companies that have been added to the ASX 300 as part of the index’s September quarterly rebalance.

Deep Yellow is developing the Tumas and Mulga Rock uranium projects. Tumas is located in Namibia, while Mulga Rock is in Western Australia.

The company says it is aiming to become a “leading, reliable, long term uranium supplier into a growing market”. Deep Yellow recently completed a merger with Vimy Resources Limited.

Meanwhile, Boss Energy is developing the Honeymoon Uranium Project in South Australia. Boss is targeting production by the December quarter of 2023.

Energy matters were in focus today amid news Russia has cut gas exports to Europe via the Nord Stream 1 gas pipeline. Uranium is used as a fuel for nuclear power plants. The S&P/ASX 200 Energy Index (ASX: XEJ) also closed 3.78% higher on Monday.

Share price snapshot

The Boss Energy share price has soared 44% in the past 12 months, while Deep Yellow’s has risen 12%.

For perspective, the ASX 300 Index has fallen more than 9% in the past year.

Boss Energy has a market capitalisation of $913 million, while Deep Yellow’s is around $750 million.

The post 2 ASX uranium shares added to the ASX 300 today appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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