ASX Today: Uranium back up as Mag7 turn into nuclear companies, XJO travels sideways, EOS bites back

We were flat for the most of the day after a ripper Monday session saw last week’s Friday tank more or less completely erased, definitely the case out the gate on Tuesday. But as we got through the session, that initial strength did subdue, the XJO up a fifth of a percent heading into the second half of the afternoon.

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That shows Monday’s significant bullishness has run out of catalysts to chew on, and what Wall Street does tonight will be the next big thing on investors’ radars Down Under. Probably not helping matters, the Australian consumer sentiment index has now been falling for three months straight, or a quarter if you prefer.

Going back to what Wall Street does tonight, the U.S. puts out retail data this evening, and we get unemployment tomorrow. Then, overnight Friday, we get U.S. inflation, and we won’t see the effects of that here until next Monday.

But turning back to the present, we saw uranium stocks recover today. At the same time, uranium prices are down -10% over the last week on the NYMEX. So what’s going on?

Well, Mag7 companies have kicked off 2026 promising to invest in nuclear power; Meta wants to restart an abandoned plant, Microsoft wants to take over Three Mile Island – so we could see Facebook become the forgotten website of an energy company. Hopefully, it exists outside the Metaverse.

Now let’s turn to company news Down Under. Electro Optic Systems (ASX:EOS) regained stature after it released a long-winded reply to a short seller’s report from last week that alleged the company was overstating the impact of a contract with a small Korean company. While EOS balked at those claims, it also noted the Korean company will need to raise funds, which is kind of what Grizzly was saying.

Elsewhere, G8 Education (ASX:GEM) has flagged a $350M impairment in its full year results following last year’s daycare child abuse scandals. The company has flagged a still-tough environment and increased compliance spending. No kidding.

Meanwhile, BHP (ASX:BHP) saw an intraday bump on higher copper and iron ore prices, with iron ore currently back at US$100/tn in Singapore. 

That’s the ASX Today for Tuesday, I’m Jon Davidson, have a great night.

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