The Paladin Energy Ltd (ASX: PDN) share price jumped today despite no official news from the company. Paladin shares closed the session up 9.09% to 72 cents. So what’s been going on with the ASX uranium miner?
What’s going on with Paladin?
Since the beginning of the year, the Paladin share price has dropped by 24%. And it’s continued on a downward trend. This has coincided with a 7% dip in the value of uranium since mid-January. The current spot price is US$42.70 per pound.
The last news we heard from Paladin was its activities and cash flow report for the December quarter. In it, the miner revealed a cash position of US$38 million and no corporate debt.
Looking at its activities, it reported plans to restart its West African uranium operations but no set date was provided. It also planned to explore “value enhancement opportunities” across its “broader asset portfolio” in Australia and Canada.
Paladin CEO Ian Purdy said:
The improving structural outlook for uranium markets and the transition towards the decarbonisation of global electricity generation provides the platform for an exciting period ahead for Paladin and I look forward to updating you on our progress.
Last Tuesday, the S&P/ASX 200 Energy Index (ASX: XEJ) fell by 3.1%, despite oil hitting its highest price since 2014 — possibly in response to the threat of war between Russia and Ukraine. Paladin was one of the worst-performing large-cap energy stocks of the day, falling by 4.1%.
Paladin share price snapshot
Over the past 12 months, the Paladin share price has increased by 95%. Shares were trading as low as 36 cents around this time last year and as high as $1.12 in September.
The company has a market capitalisation of $1.76 billion.
The post Why did the Paladin Energy (ASX:PDN) share price surge 9% today? appeared first on The Motley Fool Australia.
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More reading
- Why did ASX 200 energy shares weigh on the index today?
- Why has the Paladin Energy (ASX:PDN) share price tumbled 15% in a month?
- These 3 ASX 200 shares are topping the volume charts on Friday
Motley Fool contributor Alice de Bruin 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 Bruce Jackson.
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