Rate cuts can change the mood of the market fast. When borrowing costs fall, investors often become more willing to buy stocks tied to future growth, commodities, and business spending. Of course, cuts don’t help every stock equally. That’s why these look interesting if the Bank of Canada moves from holding rates to cutting them.
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CCO
Cameco (TSX:CCO) is one of Canada’s most important nuclear-energy stocks. The company mines uranium, sells nuclear fuel services, and owns a 49% interest in Westinghouse, one of the world’s best-known nuclear-services businesses. Nuclear energy has moved back into the spotlight. Governments want cleaner power, and technology companies want massive amounts of steady power for artificial intelligence (AI) data centres. Nuclear power fits that demand well, and Cameco stock sits close to the centre of that story.
In the first quarter of 2026, Cameco stock reported revenue of $845 million. Net earnings reached $131 million, adjusted net earnings came in at $203 million, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) hit $509 million. The uranium segment looked especially strong. Earnings before taxes reached $358 million, while adjusted EBITDA came in at $423 million. Higher sales volumes and stronger realized prices helped drive that performance.
Cameco stock doesn’t look cheap in the traditional sense. Investors often pay a premium for it as it’s one of the cleanest ways to invest in uranium and nuclear power. That creates risk. If uranium prices fall, production disappoints, or investors cool on the nuclear theme, the stock can pull back. But rate cuts could help. Lower rates often lift appetite for long-term infrastructure and energy-transition stories. If the market starts paying more for future growth again, Cameco stock could move quickly.
NTR
Nutrien (TSX:NTR) offers a different kind of rate-cut opportunity. The company is one of the world’s largest fertilizer producers. Growers finance equipment, land, seed, fertilizer, and operating costs. Lower rates can improve sentiment and ease financial pressure across the agriculture chain. Nutrien can also benefit if global growth expectations improve, since fertilizer demand often looks stronger when investors feel better about commodity markets and food production.
In the first quarter of 2026, the company reported net earnings of $139 million, or $0.27 per diluted share. Adjusted EBITDA came in at $1.11 billion, and adjusted net earnings reached $0.51 per share. Revenue was about $6.05 billion. So, even in a mixed quarter, Nutrien stock still generated more than $1 billion in adjusted EBITDA. For the full-year 2025, Nutrien stock produced net earnings of $2.3 billion and adjusted EBITDA of $6.05 billion. The company benefited from higher fertilizer selling prices, record upstream fertilizer sales volumes, and stronger retail earnings. It also reported record potash sales volumes in the first quarter of 2026.
Nutrien stock still carries clear risks. Fertilizer prices can swing hard. Crop prices influence farmer spending. Geopolitical supply shocks can help one quarter and hurt the next. But Nutrien may appeal to investors who want a more income-friendly and value-oriented commodity name.
Bottom line
The Bank of Canada won’t make Cameco stock or Nutrien stock winners on its own. These businesses still depend on uranium prices, fertilizer markets, production, demand, and execution. But rate cuts can change how investors value companies tied to major long-term themes.
Cameco stock offers nuclear power, uranium, and AI-driven electricity demand. Nutrien stock offers food security, potash, and global agriculture exposure. Both come with volatility. Yet if the market starts pricing in easier money, these two Canadian stocks could jump before many investors realize the opportunity.
