Daily Nuclear & Uranium Market Recap
4/24/26
Daily Nuclear & Uranium Market Recap
Friday, April 24, 2026
1. Market Overview
The nuclear and uranium complex ended the week with a sharp bifurcation: IPPs and nuclear utilities surged on strong flows while SMR, producers, and juniors pulled back broadly, giving the tape a distinct “risk rotation” feel rather than outright selling. The broader market took a breather from its recent highs, with Schwab’s morning note citing rising crude oil prices and bellicose rhetoric from President Trump toward Iran as key headwinds, along with disappointing earnings from Tesla, IBM, and ServiceNow. Edward Jones’ daily recap noted that markets were modestly lower on Thursday after the S&P 500 and Nasdaq had notched new closing highs the prior day, with the S&P up roughly 4 percent and Nasdaq up about 5 percentyear to date.
Uranium rose to 87.15 dollars per pound on April 23, up 0.29 percent from the prior day, up 3.87 percent over the past month, and 31.75 percent higher year over year. This is the highest daily print since early February and continues the slow, steady grind from the low 85s two weeks ago. Investing.com’s daily series confirms: 87.15 on April 23, 86.90 on April 22, 86.85 on April 21, 86.90 on April 20, 86.30 on April 16. The commodity is now nearly 10 percent above the start of the year and appears to be starting a new upleg from its mid 80s consolidation base.
2. Equity Movers - IPP and Utility Leadership
The clear leadership today came from the IPP and nuclear utility segment, with CEG, TLN, and VST posting standout gains.
Constellation (CEG) closed at 313.50 dollars, plus 7.08 percent on 3.6 million shares. This is CEG’s best day in weeks and punches decisively through the 300 dollar level. Yahoo’s DCF analysis from April 19 suggests CEG is undervalued by 39.3 percent, with the stock down 19.1 percent year to date after a robust 44.0 percent return the prior year. Constellation’s 2026 Business and Earnings Outlook, shared March 31, emphasized that the company enters 2026 “exceptionally well positioned to support America’s growing demand for reliable, clean energy”. Zacks previously cited 28.65 percent projected 2026 EPS growth.
Talen (TLN) closed at 364.32 dollars, plus 5.52 percent on 559.1 thousand shares. TLN has recovered all of Monday’s minus 5.22 percent loss and is now above Friday’s close.
Vistra (VST) closed at 164.68 dollars, plus 4.99 percent on 3.4 million shares, its strongest session in over a week.
SILXY closed at 22.94 dollars, plus 2.68 percent.
Mirion (MIR) closed at 19.71 dollars, plus 1.18 percent on 2.9 million shares.
Uranium Royalty (UROY) closed at 3.75 dollars, plus 0.27 percent on 1.9 million shares.
The IPP rally appears driven by rotation out of high beta SMR names into large cap, cash flowing nuclear utilities as the sector digests a massive two week run. CEG’s DCF discount and earnings growth profile make it a natural destination for that flow.
3. Equity Movers - Red Prints
The majority of the coverage universe was red, with the heaviest selling in SMR, producers, and high beta names.
Energy Fuels (UUUU) closed at 20.33 dollars, minus 7.21 percent on 10.8 million shares, leading the downside.
Oklo (OKLO) closed at 71.20 dollars, minus 6.88 percent on 23.0 million shares. Even with today’s pullback, Oklo is still up roughly 48 percent from its April 9 close of 48.00 dollars.
NuClear (NKLR) closed at 7.26 dollars, minus 5.96 percent on 1.3 million shares.
Centrus (LEU) closed at 207.12 dollars, minus 5.67 percent on 883.0 thousand shares, dropping back below the 210 dollar level.
NuScale Power (SMR) closed at 12.00 dollars, minus 5.66 percent on 34.4 million shares. SMR is still up roughly 28 percent from the April 9 close of 9.36 dollars.
Skyline Builders (SKBL) closed at 3.60 dollars, minus 4.76 percent.
Uranium Energy (UEC) closed at 14.30 dollars, minus 4.35 percent on 8.2 million shares. UEC’s fundamental anchor of 818 million dollars liquid assets, no debt, and 1.456 million pounds inventory remains intact .
SLX AT closed at 6.33 euros, minus 3.21 percent.
Lightbridge (LTBR) closed at 12.61 dollars, minus 3.00 percent.
Denison (DNN) closed at 3.82 dollars, minus 2.55 percent on 20.8 million shares. DNN’s 560.70 percent projected one year sales growth from Phoenix ISR remains a key fundamental driver.
Nano Nuclear (NNE) closed at 24.73 dollars, minus 2.37 percent on 1.7 million shares.
enCore Energy (EU) closed at 1.94 dollars, minus 2.02 percent on 1.9 million shares.
Bloom Energy (BE) closed at 233.00 dollars, minus 1.92 percent on 6.5 million shares, a modest pullback after its massive run.
NexGen (NXE) closed at 12.48 dollars, minus 1.81 percent on 4.1 million shares.
Ur Energy (URG) closed at 1.70 dollars, minus 1.73 percent on 6.0 million shares.
Cameco (CCJ) closed at 122.20 dollars, minus 1.33 percent on 2.2 million shares.
Curtiss Wright (CW) closed at 717.53 dollars, minus 1.10 percent.
BWX Technologies (BWXT) closed at 223.15 dollars, minus 1.05 percent. BWXT earnings on May 4 remain the next major catalyst.
NuScale AI (NUAI) closed at 4.27 dollars, minus 0.93 percent on 4.4 million shares.
ASP Isotopes (ASPI) closed at 5.39 dollars, minus 0.82 percent on 2.9 million shares.
4. Uranium Market Backdrop
Spot: Uranium at 87.15 dollars per pound on April 23, up 0.29 percent on the day, up 3.87 percent over the past month, and 31.75 percent year over year. This is the highest daily print in weeks and extends the grind from 84.25 at end of March to above 87 now. Investing.com’s data shows a clear uptrend: 85.40 on April 8, 85.60 on April 15, 86.30 on April 16, 86.90 on April 20 through 22, 87.15 on April 23.
Long term pricing: TradeTech’s long term indicator remains at 93 dollars per pound, the highest since 2008. Cameco’s March month end long term was 91.50 dollars, up from 90.00 at end of February and 89.00 at end of January. The steady upward grind in term pricing continues to signal utility urgency and structural demand.
Monthly context: The January 2026 monthly average was 69.71 dollars, the February average was 71.30 dollars, and current daily spot is now at 87.15 dollars, illustrating the roughly 20 percent premium that current spot commands over monthly average prints.
Contract roll: The UXJ26 first notice date is Monday, April 27, so this is the last trading day before that event. Any remaining April position unwinding is likely contributing to choppiness in the equity tape this week.
5. Weekly Scoreboard
Here is how the coverage universe performed this week, from the April 17 close to the April 24 close:
CEG: 296.20 to 313.50 dollars, plus 5.84 percent
TLN: 365.79 to 364.32 dollars, minus 0.40 percent
VST: 164.39 to 164.68 dollars, plus 0.18 percent
SILXY: 20.99 to 22.94 dollars, plus 9.29 percent
BE: 208.00 to 233.00 dollars, plus 12.02 percent
NKLR: 6.12 to 7.26 dollars, plus 18.63 percent
OKLO: 66.91 to 71.20 dollars, plus 6.41 percent
SMR: 12.79 to 12.00 dollars, minus 6.18 percent
LEU: 202.27 to 207.12 dollars, plus 2.40 percent
NNE: 25.80 to 24.73 dollars, minus 4.15 percent
BWXT: 237.34 to 223.15 dollars, minus 5.98 percent
CW: 750.00 to 717.53 dollars, minus 4.33 percent
MIR: 19.72 to 19.71 dollars, minus 0.05 percent
CCJ: 120.87 to 122.20 dollars, plus 1.10 percent
UEC: 15.05 to 14.30 dollars, minus 4.98 percent
UUUU: 20.49 to 20.33 dollars, minus 0.78 percent
DNN: 3.89 to 3.82 dollars, minus 1.80 percent
NXE: 12.74 to 12.48 dollars, minus 2.04 percent
UROY: 3.65 to 3.75 dollars, plus 2.74 percent
URG: 1.72 to 1.70 dollars, minus 1.16 percent
EU: 2.09 to 1.94 dollars, minus 7.18 percent
ASPI: 5.45 to 5.39 dollars, minus 1.10 percent
LTBR: 12.66 to 12.61 dollars, minus 0.39 percent
NUAI: 4.64 to 4.27 dollars, minus 7.97 percent
SKBL: 3.78 to 3.60 dollars, minus 4.76 percent
The week was mixed overall after the massive prior week, with CEG, BE, NKLR, SILXY, OKLO, UROY, LEU, and CCJ finishing green, while SMR, BWXT, CW, NNE, EU, NUAI, UEC, SKBLgave back some gains. This is healthy consolidation.
6. SEQH Desk View
Today’s session was a classic IPP rotation day: money flowed out of the high beta SMR and producer bucket and into CEG (plus 7.08), TLN (plus 5.52), and VST (plus 4.99), all of which have lagged the broader nuclear rally over the past two weeks. CEG in particular looks like it is playing catch up to the rest of the stack, having been “discovered” again by flows after its April 19 DCF analysis showed 39.3 percent undervaluation and its March 31 outlook call highlighted strong positioning for clean energy demand.
The uranium price continues to be the strongest signal in the entire tape. At 87.15 dollars per pound, spot is now up nearly 4 percent in a month, up over 31 percent year over year, and grinding steadily toward the 90 dollar zone, with long term pricing already at 91.50 to 93.00 dollars. The commodity has moved from 84.25 at end of March to 87.15 today without a single meaningful down day, which is the kind of slow, persistent advance that tends to resolve higher rather than reverse.
Heading into next week:
Monday April 27 is UXJ26 first notice date. Watch for any contract roll effects.
BWXT earnings on May 4 remain the next major company level catalyst.
The sector has now rallied hard for two weeks and is starting to rotate internally, which is a sign of maturation, not exhaustion. When IPPs take the baton from SMR names, it tells you the money is sticky and looking for different entry points rather than exiting the theme.
Positioning framework remains:
Core: CCJ, UEC, LEU, DNN, UUUU, UROY, BWXT, CEG, VST, TLN, MIR, CW, NXE
Satellites: SMR, Oklo, BE, NNE, ASPI, NUAI, NKLR, EU, SILXY, SKBL, URG, LTBR
After two weeks of massive moves, the risk management priorities are: right size positions that have gotten oversized from price appreciation, trim into strength on names where your conviction has not grown proportionally to the move, and look for re-entries on core names that pull back to support levels. The structural bull case has never been stronger.
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