Kelsian Group, Kalina Power, and Actinogen Medical Drive ASX Gains Amid Uranium Stock Surge

Sunday, 25 August 2024, 16:59

Kelsian Group and Actinogen Medical saw substantial gains as the ASX rallied amidst rising uranium stock prices. Kalina Power also posted impressive growth. Investors are keen on these stocks as uranium supply crunch concerns escalate following Kazatomprom's production cuts.
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Kelsian Group, Kalina Power, and Actinogen Medical Drive ASX Gains Amid Uranium Stock Surge

The ASX Sees Promising Gains

The ASX kicked off the week positively, boosted by interest rate cut anticipations from the US Federal Reserve. The benchmark ASX 200 index rose by 0.6%, driven by strong performances in the Real Estate sector and essential telecommunications firms.

Uranium Stocks Gain Traction

Uranium stocks emerged as key winners in the market after Kazatomprom, the leading global producer, announced significant production guidance cuts for 2025, raising supply concerns. Notably, Deep Yellow (ASX:DYL) surged nearly 18%, while Paladin Energy (ASX:PDN) and Boss Energy (ASX:BOE) also marked gains of 11% and 9%, respectively.

Kelsian Group Reports Mixed Results

Kelsian Group (ASX:KLS) faced a 26% drop after announcing impending capital expenditures upwards of $180 million for fleet upgrades. Yet, the company reported a remarkable 42.2% increase in revenue for FY24, achieving $2.02 billion and a profit increase of 176.2%.

Market Highlights

  • Actinogen Medical (ASX:ACW) also observed growth amid market fluctuations.
  • Kalina Power (ASX:KPO) showcased impressive performance, adding to the market's optimism.
  • Perpetual (ASX:PPT) experienced a downturn, indicating a projected over $500 million in losses for FY24.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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