Daily Nuclear & Uranium Market Recap
1/29/26
SEQH Capital Research
Daily Nuclear & Uranium Market Recap
January 29, 2026
Uranium and ETF backdrop
Uranium remains in a strong uptrend, with spot and financial contracts holding in the low‑90s USD/lb area and CFDs recently printing near 98 USD/lb, up high‑single‑digits over the past week and ~20% over the past month.
The Global X Uranium ETF (URA) closed yesterday at 61.81 (+7% vs. Jan 27), marking a new 52‑week high and leaving the fund up ~93% over the past year as flows continue rotating into dedicated uranium exposure.
Today’s tape: nuclear & uranium equities
Nuclear and uranium stocks traded with a constructive but more selective tone today, consolidating this week’s sharp gains in many of our core names while leadership remained with liquid uranium and SMR plays.
LEU (Centrus Energy) - Featured again as a top nuclear stock to watch, LEU saw active trading and outperformed broader utilities as investors continued to position it as the main listed beneficiary of DOE’s 2.7B USD enrichment and HALEU build‑out. The stock remains tightly linked to headlines around domestic enrichment, HALEU contracts, and integrated fuel‑cycle sites.
OKLO - OKLO ranked among the highest dollar‑volume nuclear names today, reflecting sustained interest in SMR developers positioned to supply baseload power to AI/data‑center and industrial customers. The name continues to trade as a high‑beta levered play on pro‑nuclear policy and long‑dated offtake potential rather than near‑term earnings.
SMR (NuScale) - SMR also screened as one of the top nuclear stocks to follow, with recent analysis highlighting the valuation reset after policy‑driven volatility and the stock’s 40%+ rebound over the last month. Despite lingering execution risk, investors are increasingly using SMR as a liquid proxy for U.S. SMR deployment and federal support.
UEC (Uranium Energy) - UEC held near recent highs, supported by continued bullish commentary on its U.S. ISR production leverage, inventory position, and strategic advantage as Washington pushes to localize the fuel cycle. The stock remains a core vehicle for beta exposure to both spot uranium and U.S. policy tailwinds.
Structural & policy drivers in focus
DOE’s 2.7B USD program to rebuild U.S. enrichment capacity and HALEU supply, including large multi‑year awards to Centrus/LEU and General Matter, remains the central fundamental catalyst underpinning today’s strength in fuel‑cycle names.
Industry commentary around “integrated” U.S. nuclear sites that colocate advanced reactors with fuel‑cycle infrastructure, plus AI‑driven data‑center demand, reinforces the multi‑year capital‑deployment story across enrichment, SMRs, and quality miners.
SEQH view
With uranium holding near multi‑year highs and URA at a fresh 52‑week high, we see today’s more measured price action across our watchlist (LEU, OKLO, SMR, UEC, CCJ, NXE, DNN, ASPI, NNE) as healthy consolidation rather than exhaustion.
Our bias remains to use any pullbacks to build in fuel‑cycle leaders (LEU), credible near‑term producers (UEC, CCJ, DNN, NXE), and differentiated SMR/advanced reactor platforms (OKLO, SMR) as the market continues to re‑rate nuclear from a niche trade to a core decarbonization and AI‑power theme.