Paladin Energy leads uranium miner rally on ASX
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The news: Paladin Energy is on track to end as the best performing ASX 200 stock for the second straight session, after the uranium miner reported record quarterly production at its Langer Heinrich mine on Wednesday.
The numbers: Paladin shares were up 11.2% to $5.52 at 1:50pm AEST, having added 24.6% in the previous session.
Shares in fellow uranium miners Boss Energy (9.8%) and Deep Yellow (8.6%) also surged.
The context: UBS analysts said the March-quarter result beat market estimates for production and sales, and the company has progressed initial mining activities in April ahead of their expectations.
The analysts noted the acceleration of the Langer Heinrich mine restart has "caught us and the market by surprise", especially after the company lowered expectations last month by removing guidance following a disruption to operations.
The source: UBS research
