TORONTO, May 25, 2026, 15:04 EDT
Cameco Corp.’s Toronto shares moved up Monday as the New York line didn’t trade due to the U.S. Memorial Day holiday, putting the focus on its Canadian listing for uranium watchers. Cameco’s website showed TSX: CCO up C$2.33 at C$146.96. The NYSE: CCJ quote was at $104.75, off $0.58; the New York Stock Exchange noted Memorial Day, May 25, as a holiday in 2026.
Canadian stocks were catching a bid again. The S&P/TSX Composite Index broke to a record on Monday, up 0.7% at 34,778.98 by 10:21 a.m. ET, with miners in front. Investors grew more optimistic as hopes for U.S.-Iran peace took hold. “Even a non-zero chance the conflict ends is enough,” Brian Madden, chief investment officer at First Avenue Investment Counsel, told Reuters. Reuters
Cameco isn’t only moving with risk assets. It occupies a central spot in the uranium market, where prices are harder to see than with oil or copper. Cameco says uranium doesn’t trade on an exchange, and contracts are directly negotiated. The spot price held steady at $84.70 per pound on May 22, Trading Economics data showed. That’s down 2.81% for the month but up 18.38% from a year ago.
Cameco didn’t have a smooth run last week. Toronto shares finished Friday at C$144.63, lower than the C$147.99 seen May 15. Its NYSE shares also fell, closing at $104.75 on Friday from $107.51 May 15. Toronto’s Monday trade recouped some of those losses before U.S. trading started.
Cameco gave investors more clarity this month, posting C$131 million in first-quarter net earnings, with adjusted net earnings at C$203 million and adjusted EBITDA of C$509 million. Adjusted EBITDA is a non-IFRS figure that leaves out interest, taxes, depreciation, amortization and some other items. CEO Tim Gitzel said the company remains “on track in our uranium, fuel services and Westinghouse segments.” Cameco kept its 2026 uranium production forecast at 19.5 million to 21.5 million pounds of U3O8, known as yellowcake. Cameco
India is the bigger contract. Cameco in March signed a C$2.6 billion agreement to send almost 22 million pounds of uranium concentrate to India over nine years. Shipments will run from 2027 to 2035. Gitzel said the contract backs India’s requirement for a “stable supply of uranium fuel.” Cameco
Supply, not just share-price moves, is in focus for NexGen Energy. The Canadian uranium developer has had early talks with data-centre companies about helping fund its Rook I project in Saskatchewan, Reuters said in February. That’s as AI power needs are now touching the nuclear-fuel space. Cameco stands apart, trading on its producing assets, locked-in pounds and the Westinghouse deal, not just future mine plans.
CME Group wants to start a physically based uranium futures contract in the next few months, Reuters said this month. The aim is to pull more institutional capital into a market that is still thin and hard to read. John Perdew, co-head of nuclear fuels at TP ICAP, called it a “huge step forward for the uranium market.” Reuters
Cameco has a few things up this week. Its U.S. shares will trade for the first time after the holiday. President and COO Grant Isaac is on the agenda to speak at the Bernstein Societe Generale Group Strategic Decisions Conference May 29. The company’s next quarterly earnings are set for release ahead of the open July 31.
Monday’s trading may be more about momentum than fundamentals. Uranium prices have dipped in the last month, Westinghouse logged a first-quarter net loss for Cameco’s stake, and a drop-off in utility contracts or materials demand could pressure the stock once U.S. markets reopen. It’s easy to see how things could go south: uranium prices holding flat, fewer contract announcements, and investors thinking the TSX record run already priced in the story.
Cameco’s Toronto move is the week’s first real price signal. No new forecast, and no new filing from the company. A thin holiday market says buyers are still in for uranium — one more market still to trade.
