ASX 200 uranium shares continue to benefit from the world's nuclear embrace as many countries work on figuring out their green energy mix for the future.
The United States and 20 other countries have announced plans to triple their nuclear power by 2050. More on that later. First, let's check out these top-performing stocks.
These 3 ASX 200 uranium shares outperformed
Rising global demand for uranium pushed the commodity price higher in FY24. This supported ASX 200 uranium shares and kept their prices rising, even though they'd experienced a ramp-up in FY23.
Here are the three best-performing ASX uranium shares for capital growth in FY24, according to data from S & P Global Market Intelligence.
Deep Yellow Limited (ASX: DYL)
Deep Yellow was the best-performing uranium stock on the ASX 200 last financial year. The Deep Yellow share price soared by 77.5% in FY24. This followed a 26.8% share price gain in FY23.
The ASX 200 energy stock closed at $1.41 on Friday, down 0.71%.
Paladin Energy Ltd (ASX: PDN)
The second top-performing ASX 200 uranium stock in terms of share price growth was Paladin Energy. This is the biggest uranium company listed on the ASX. It has a market capitalisation of $3.93 billion.
The Paladin Energy share price rose 71% in FY24. This built on a 25.9% share price gain in FY23.
Paladin shares closed at $13.01 on Friday, down 1.21%.
Boss Energy Ltd (ASX: BOE)
Rounding out the top three ASX 200 uranium shares of FY24 is Boss Energy, up 33.2% over the 12 months. This capitalised on an impressive 75.2% share price gain in FY23.
Boss Energy shares finished the week at $3.85 apiece on Friday, down 5.41%.
What's the latest news on nuclear energy?
According to Trading Economics, 58 nuclear reactors are currently being built, 22 of which are in China.
In May, United States President Joe Biden signed bipartisan legislation banning the importation of uranium products from Russia because of its invasion of Ukraine.
Russia has previously provided 35% of the country's nuclear fuel imports, according to the US Department of Energy's Office of Nuclear Energy.
Dr Michael Goff, Acting Assistant Secretary for the Office of Nuclear Energy, described the legislation as "marking a monumental shift for our civil nuclear energy sector".
Dr Goff said:
This ban is essential to strengthening our nation's energy security and supports the development of uranium conversion and enrichment services right here in the United States that will result in thousands of new jobs for Americans across the country.
We're restarting old reactors, building new ones, and working to deploy advanced reactors to help us meet our clean energy goals.
Meantime in Australia, the debate over nuclear energy is raging.
The Coalition Federal Opposition is pushing a comprehensive nuclear energy plan that would see retired coal-fired power stations replaced with nuclear reactors owned by the government.
Meanwhile, the Labor Federal Government is pushing ahead with its renewables agenda.
