Here's Why Uranium Stocks Are Soaring Today

Uranium stocks are jumping today after Kazakhstan's state-owned uranium miner, Kazatomprom, announced that it will reduce output 20% for the next three years beginning in January 2018. Why is that significant? Well, Kazakhstan is by far the world's leading supplier of uranium, accounting for nearly 40% of global production.

The rare bit of good news is lifting uranium mining stocks. As of 2:19 p.m. EST, shares of Cameco (NYSE: CCJ) are up 12.9%, Denison Mines (NYSEMKT: DNN) stock has jumped 12%, and shares of Uranium Energy Corp (NYSEMKT: UEC) have gained 11.2%.

Image source: Getty Images.

Source: Fool.com