The Paladin Energy Ltd (ASX: PDN) share price had a rough time in June. Investors punished the share and sent it tumbling 25% lower across the month.
This continued a longer-term downtrend that shares had been stuck in for the last 3 months.
Alas, Paladin has fumbled from a high of 96.5 cents on 14 April to now trade at 57 cents at the time of writing.
What’s up with the Paladin share price?
Uranium shares got a quick jolt of lightning last month as the Biden administration advocated suspending imports of the nuclear metal from Russia.
This, combined with soaring energy prices in Australia, had some market pundits betting that Australia would turn to alternative sources.
As TMF reported last month, “the collapse of gas retailers and the U-turning of customers by some electricity retailers were the indicators of a failing energy market.”
Not only that, surging prices of natural gas and oil reopened the debate about nuclear energy in Australia.
The speculation was short-lived however as the government established clarity on Australia’s current energy supply.
Investors were quick to sell off their positions in Paladin as a result.
Consequently, the Paladin share price was sent packing and caught sellers on 8 June to drive prices to a 6-month low of 53.5 cents on 23 June.
Paladin and the price of Uranium since March are plotted on the chart below.
In the last 12 months, the Paladin Energy share price has held onto a 15% gain, despite booking a 35% loss this year to date.