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Why the Vimy Resources (ASX:VMY) share price is charging 8% higher

The Vimy Resource share price is charging higher today, up 8%. We look at what’s driving investor interest in the ASX uranium share.
The post Why the Vimy Resources (ASX:VMY) share price is charging 8% higher appeared first on The Motley Fool Australia. –

man jumps up a chart, indicating share price going up on the ASX bank dividend

The Vimy Resources Ltd (ASX: VMY) share price is charging higher today, up 8% in morning trade.

Below we look at the latest market announcement from the ASX uranium share.

What did Vimy Resources announce to the ASX this morning?

The Vimy Resources share price is moving higher after the company reported it has been added to a second uranium tracking index.

After completing its “reconstitution and rebalance” for the first quarter of 2021, Vimy has been added to the North Shore Global Uranium Mining Index. This index is intended to track the performance of uranium explorers, miners and producers. It also includes companies that hold physical uranium.

This index provides the composition for the North Shore Global Uranium Mining ETF (NYSEARCA: URNM). Investors can buy and sell shares in the exchange traded fund (ETF) just as they would with any specific uranium shares.

Vimy reported that it is one of 8 uranium companies added to the index.

The North Shore Global Uranium Mining Index marks the second uranium tracking index Vimy has been added to in 2021. In January the company was added to the Solactive Global Uranium Pure-Play Index. This index provides the composition for the Horizons Global Uranium Index ETF (TSE: HURA).

Commenting on the company’s inclusion in the new indexes, Vimy’s Managing CEO Mike Young said:

Inclusion in these indices raises Vimy’s profile and is recognition for the progress made at our flagship Mulga Rock Project in Western Australia and ongoing development of our high-grade Alligator River Project in the Northern Territory. Investor sentiment continues to improve in the uranium sector and the influx of funds into these indices allows for greater portfolio exposure.

Vimy Resources share price snapshot

With the world seemingly reawakening to the potential of uranium to provide power with virtually zero carbon emissions, uranium and ASX uranium shares are largely enjoying a great run over the past year.

Vimy Resources is no exception.

Over the past 12 months Vimy Resource shares have soared 367%, compared to a gain of 33% on the All Ordinaries Index (ASX: XAO). Year-to-date the Vimy Resource share price is up 75%.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Vimy Resources (ASX:VMY) share price is charging 8% higher appeared first on The Motley Fool Australia.

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