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Cameco Corp (CCJ US) $39.89

CCJ rallied another +2.5% overnight, with the $US17bn uranium business testing its 2011 levels in the process. Taking into our outlook for uranium we believe this is a rare scenario where we should simply sit back and enjoy the ride – in terms of global markets 3% exposure is high but it’s never enough when stocks surge like CCJ.

  • We see no reason to fade the advance by CCJ around $US40, although it is due a rest, we hold CCJ in our International Equities Portfolio and will likely add to the position into any corrections.
MM is long and bullish CCJ
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Cameco Corp (CCJ US)
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