Reuters reported that shares of uranium producer Cameco closed at a 6 month low due to rising concerns over an earthquake shattered nuclear power plant in northeastern Japan and as governments from Australia to the United States advised citizens to leave the region.

Cameco's stock has plunged by more than 23% since last Friday, falling almost 6% on Thursday, as concern mounted over the long term outlook for nuclear reactors and the uranium that fuels them.

Mr Barry Schwartz portfolio manager of Baskin Financial Services said that "No one wants to own that kind of stock today. We think two years from now, a year from now it will be a great buy."

He said that Schwartz's firm has owned Cameco shares for years and they have no intention of selling. But other investors were less convinced. Shares of Cameco, the world's No 2 uranium producer closed down 5.78% at CAD 27.73 on the Toronto Stock Exchange.

Uranium One which has fallen more than 43% since Friday closed down 1.7% at CAD 3.46 while Paladin Energy ended up 1.54% at CAD 3.29. In Sydney, shares of Rio Tinto owned Energy Resources of Australia closed down at AUD 7.80.

The uranium sector has come under increased pressure as Japan fought to contain the crisis at the crippled Fukushima nuclear power plant and as several countries advised their citizens to leave the region.

Australia urged citizens with nonessential roles in Japan to consider leaving Tokyo and the eight prefectures most damaged by the earthquake. Meanwhile, the United States chartered aircraft to help Americans leave Japan and approved the voluntary departure of about 600 family members of diplomatic staff.

(Sourced from Reuters)